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- Racing technology solutions company BetMakers (BET) has signed an agreement with Waterhouse Group to develop two new wagering products
- The two products include an app; and a global pricing and trading desk
- BetMakers have now updated their finances, to include higher investments
- But the company says financial guidance for FY20 has been reconfirmed at $10 million
- BetMakers is up 5.41 percent at market close, trading at 19.5cents apiece
Racing technology solutions company BetMakers (BET) has signed an agreement with Waterhouse Group to develop two new wagering products.
As part of the deal, BetMakers will provide data and technology for the Tom Waterhouse betting App;
As well as the Waterhouse global pricing and trading desk – a Business to Business (B2B) Managed Trading Service (MTS), which allows waging operators to outsource a Waterhouse team to manage day-to-day bookmaking.
The deal was signed along with BetMakers wholly owned subsidiary, BetMakers DNA Pty Ltd.
The deal is yet to receive shareholder and regulatory approval, but if all approvals are granted, the company says the the products are expected to be in physical form as of FY21.
BetMakers will receive revenue from both the products in a shared arrangement with the Waterhouse Group.
In addition, Waterhouse will receive performance rights which will convert into options over shares in BetMakers, with each option issued at 0.18%.
The number of options issued will be calculated with reference to the amount of revenue the new products derive for BetMakers over a 2 year period.
tomwaterhouse.com betting App
The tomwaterhouse.com app will be offered to the 80,000 members of tomwaterhouse.com, which the company says will allow customers to compare all their betting accounts on the one app, to determine the best prices.
At the same time it will provide wagering operators with a low-cost customer acquisition platform.
Waterhouse B2B Managed Trading Services
BetMakers will provide technology and services for an MTS solution for existing and potential future wagering operators.
The solution will allow the operators to outsource their trading operations to a new global trading desk covering racing around the world.
Speaking of the MTS solution, Tom Waterhouse said they aim to be “competitive with racing and book operators around the world,” by offering “pricing and trading on more than 250,000 races per year.”
Tom also added, allowing operators the ability to “offer racing without having to manage the risk” is “attractive.”
BetMakers CEO Todd Buckingham also commented on the MTS solution.
“We believe this product is an enticing solution because it is practical and seamless for global wagering operators – big and small,” Todd said.
“For BetMakers it fits with our strategy of consolidating the position in the Australian market while taking advantage of our tech-wagering opportunities that are rapidly presenting internationally, especially in the US wagering market,” he added.
BetMakers have now updated their finances, to include higher investments.
And financial guidance for FY20 has been reconfirmed at $10 million.
BetMakers is up 5.41 percent at market close, trading at 19.5cents apiece.
