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- BetMakers Technology Group (BET) has raised a further $75 million and announced a new partnership with online wagering industry leader Matt Tripp
- BET will work with Tripp to expand its business-to-business wagering strategy in Australian and the U.S.
- Matt has also agreed to invest an additional $25 million in BET, while the other $50 million will come from an institutional placement
- The company recently raised $60 million in capital via a placement and share purchase plan to investors and shareholders, respectively
- BET shares were placed in a trading halt before the market opened on Wednesday, pending the release of the announcement
- Now it’s revealed the full details of this latest capital raise and partnership, shares in BetMakers are trading up 23.3 per cent at $1.07 each
BetMakers Technology Group (BET) has raised a further $75 million in capital and announced a new partnership with online wagering industry leader Matt Tripp.
BET said it will work with Tripp to expand its business to business wagering strategy in Australian and the U.S., where it recently acquired Sportech.
As part of this new strategic agreement, Matt has agreed to invest an additional $25 million in BetMakers.
If the deal is approved by shareholders, he’ll be issued 35.7 million shares at 70 cents each — a 1.6 per cent discount of their 15-day volume weighted average price.
Another $50 million will also be placed to existing, supportive institutions, also at 70 cents per share, using the company’s existing placement capacity.
The $75 million in extra capital comes after the company recently raised $60 million via a placement and share purchase plan to investors and shareholders respectively.
Meanwhile, BetMakers CEO Todd Buckingham said bringing Matt on board as a strategic advisor would only help the company grow.
“We are thrilled to have secured Matt Tripp’s backing, both in the form a significant investment in the company and also as a key advisor on strategic and transformational deals that he will now pursue,” Todd said.
“Matt has a proven track record over a brilliant career in the online wagering
industry and his support for BetMakers is a great vote of confidence in our company,” he added.
BET shares were placed in a trading halt before the market opened on Wednesday, pending the release of the announcement
Now it’s revealed the full details, shares in BetMakers are trading up 23.3 per cent at $1.07 per share at 10:49 am AEDT.
