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BetMakers Technology (ASX:BET) - CEO, Todd Buckingham - The Market Herald
CEO, Todd Buckingham
Source: BetMakers Technology
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  • BetMakers (BET) completes its acquisition of Sportech’s racing, tote and digital assets to expand its global customer base
  • BetMakers intends to acquire the company in December 2020 for £30.9 million (around A$56.2 million), following a $50 million capital raise
  • The acquisition includes Sportech’s Americas Tote Business, Americas Digital Business, UK and European Tote Business and Quantum Tote Technology
  • The company says it will continue to look for opportunities to expand in further regions that fit its vision
  • BetMakers last traded at $1.08 on June 17

BetMakers has completed its acquisition of Sportech’s racing, tote and digital assets to expand its global customer base.

BetMakers announced its intention to acquire the company in December 2020 for £30.9 million (around A$56.2 million) as a means of accelerating its global growth plans.

The acquisition follows a $50 million capital raise last year to acquire the assets of the UK-based sports betting company.

The acquisition includes Sportech’s Americas Tote Business, which provides betting solutions, hardware and operational services to over 200 racetrack, casino and betting venues across the US, Canada and Latin America, and its digital business, which offers white-label digital betting to more than 25 customers in North America.

It also includes the UK and European Tote Business, which offers betting technology and services to more than 35 customers across the UK, Ireland, Europe and Asia, along with its Quantum Tote Technology, a betting engine used internationally for events like the Breeders Cup and Royal Ascot Race meetings.

BetMakers says the acquisition of the Sportech business enhances its position to capitalise on growth opportunities in international wagering markets, and is anticipated to expand the company’s global customer base, technology and geographic reach.

The company says these assets provide BetMakers with a platform to target growth in the United States and execute the next stages of its global strategy.

“It is not often that such compatible international wagering assets become available in our industry,” said BetMakers Managing Director Todd Buckingham.

“Accordingly, BetMakers views this acquisition as a pivotal step in seeing the business become the centre of global wagering.”

The company says it will continue to look for opportunities to expand in further regions that fit its vision.

BetMakers last traded at $1.08 on June 17.

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