BetMakers, a leading provider of technology solutions for the global betting industry, has announced remarkable revenue growth in its financial report for the year ended June 30th. The company reported revenue of AU$91.6 million, marking a substantial increase of 368.1% compared to the previous year. BetMakers has strategically invested in key initiatives and partnerships, including a significant collaboration with media giant News Corp Australia. The successful implementation of its B2B technology for News Corp’s wagering venture demonstrates BetMakers’ commitment to innovation and expansion in the highly competitive betting market.
Successful Partnership with News Corp Australia:
BetMakers finalized an agreement in April to provide its technology to News Corp Australia’s new wagering venture through its subsidiary, OM Apps. This strategic partnership involves deploying B2B technology and wagering to NTD Pty, a collaboration between News Corp and Tekkorp Capital. The partnership with News Corp Australia showcases BetMakers’ ability to forge alliances with industry leaders and highlights its position as a trusted provider of cutting-edge betting solutions.
Expansion into the US Market:
BetMakers has also made significant strides in the US market, solidifying its presence through key partnerships and launches. Earlier this year, the company extended its partnership with New Jersey’s Monmouth Park and the New Jersey Thoroughbred Horsemen’s Association. This collaboration was crucial in preparing for the launch of fixed-odds wagering in the state, an important milestone for BetMakers’ expansion into the US betting market.
Financial Highlights:
BetMakers reported cash receipts from customers of AU$93.4 million, representing a substantial increase of 325% compared to the previous year. Staff costs, including contractor and recruitment expenses, accounted for the highest expense, amounting to $48.6 million. Product manufacturing and operating costs were AU$26.6 million, with a portion allocated to the rollout of fixed-odds wagering in New Jersey. Administrative and corporate costs totaled AU$15.9 million, while the remaining AU$4.6 million encompassed income taxes, advertising and marketing expenses, leased asset costs, and other miscellaneous expenditures. The company recorded an operating loss of AU$1.6 million.
Investment Activities and Financial Position:
BetMakers allocated AU$15.0 million to investment activities related to the News Corp launch, highlighting its commitment to the success of the partnership. Cash and cash equivalents at the beginning of the quarter were AU$107.7 million. After investing AU$21.0 million in various activities, along with modest gains from operating activities and exchange rate movements, the total cash equivalents at the end of the period amounted to AU$87.5 million. This financial position provides BetMakers with a strong foundation for further growth and investment in innovative betting solutions.
BetMakers’ impressive revenue growth, fueled by strategic partnerships and expansions into new markets, demonstrates its position as a leading player in the global betting industry. The successful collaboration with News Corp Australia showcases BetMakers’ ability to provide cutting-edge technology solutions to industry giants. As the company continues to invest in key initiatives and capitalize on emerging opportunities, it remains poised for further growth and innovation in the dynamic and evolving world of sports betting.