- Betting tech specialist BetMakers (BET) has seen an increase in demand for its services from the COVID-19 pandemic
- The company specialises in wagering data and analytics with a specific focus on the racing industry
- Given the racing industry is one of the only sports not suspended under new government regulations, bookies are turning to BetMakers for its services
- BetMakers said even if racing is banned in the coming quarter, company financials will still end the year on a positive note
- After today’s news, shares in BetMakers are up over 21 per cent and worth 11 cents each.
Betting tech specialist BetMakers (BET) is joining the list of unlikely winners from the COVID-19 pandemic.
The company released a business update to shareholders today highlighting that not only is it business as usual for the company while the pandemic rages on, but business is actually improving.
BetMakers specialises in racing data and analytics. The company partners with bookmakers to supply them with comparison odds, racing content, and business-to-business racing wagering tech.
Importantly, racing in Australia is one of the few sports not being shut down under new government regulations to battle the spread of COVID-19.
Major local sports like AFL and the NFL have been suspended, with international giants like the NBA and even the Olympics falling victim to the same fate.
Meanwhile, racing is going ahead as per normal, except without a live crowd in attendance.
For BetMakers, this has brought about a surge in demand from bookies and wagering operators for its racing tech. Eager punters now have limited options regarding where to wager their cash, meaning eyes are turning to the racing industry.
BetMakers said so far there has been no loss of contracts or loss of customers from the coronavirus pandemic, and even if racing is suspended in Australia, the company is still fit to provide its services to bookies overseas.
The company outlined the worst-case-scenario — that racing is suspended in Australia in the coming quarter — and said even this will not severely affect company financials.
While a ban on racing will impact its current guidance of $10 million in annual revenue, the company will still deliver positive normalised earnings before interest, tax, depreciation and amortisation based on performance this year so far.
BetMakers CEO Todd Buckingham said the company has been working hard to increase products and services for local and international customers.
“While we are not immune to the significant challenges during the pandemic, BetMakers currently continues to operate uninterrupted to provide a range of services for bookmakers and racing bodies across the world,” he said.
Still, the company has not been able to escape the mass sell-off brought about by coronavirus panic. Since February 19, shares in BetMakers have lost over 75 per cent of their value.
Nevertheless, investors have flocked back to the company after today’s positive announcement, and shares are currently up 21.59 per cent and worth 11 cents each.