BetMakers (ASX:BET) completes $50M Sportech raise

• BetMakers Technology Group (BET) has completed a $50 million placement launched last month to support its acquisition of Sportech’s Racing and Digital assets
• The company inked a deal to purchase the U.K. online betting business in December, with Sportech shareholders signing off on the deal weeks later
• BET is planning to raise an additional $10 million via a share purchase plan (SPP), with those funds to also go towards the Sportech acquisition
• Additionally, BetMakers has advised that its currently in negotiation for commercial terms with several operators
• Shares in BET are trading up 2.99 per cent for 69 cents per share

BetMakers Technology Group (BET) has completed a $50 million placement launched last month to support its acquisition of Sportech’s Racing and Digital assets.

The company inked a deal to purchase part of the U.K. online betting business in early December, with Sportech shareholders signing off on the deal several weeks later.

The recently completed placement saw more than 83 million BET shares issued to sophisticated and institutional investors for 60 cents each.

All of the funds raised from this recent capital raise will go towards buying Sportech’s assets, which is set to cost BET around $56 million in consideration.

Alongside the placement, BetMakers has also launched a $10 million share placement plan (SPP) to help fund the Sportech purchase.

Under this offer, shares will be issued at the same price as the placement and shareholders will be invited to subscribe for new shares from January 5.

In addition to the capital raises, BetMakers has also advised shareholders in Monday’s market update that it has begun negotiation for commercial terms with several operators.

BET hasn’t stated how much these contracts could potentially be worth in the long run, however, the company did vow to provide an update once any deals were signed.

Shares in BetMakers are trading 2.99 per cent in the green for 69 cents each at 12:23 pm AEDT.