- BetMakers Technology Group (BET) ticked off a number of wins during the June quarter
- Subsidiary, BetMakers DNA, signed a five-year agreement to manage Fixed Odds terminals and kiosks at Monmouth Park racetrack in New Jersey
- Luckily, the deal came just after the State of New Jersey Governor gave the all clear for horse racing post-COVID-19
- The company expects the agreement will positively impact revenues
- BetMakers signed agreements with Australian bookmakers, Rob Waterhouse and Mark Sampieri, to provide them with a new technology platform and managed trading service
- This has led to more and more bookmakers showing interest in launching online
- BetMakers is now debt-free after paying off $4 million and has raised $35 million to fund its U.S. strategy
- The company ended the quarter with $31.6 million in cash
- Company shares are up 8.64 per cent and trading for 44 cents each just before market close
BetMakers Technology Group (BET) has reported a successful June quarter, despite the effects of COVID-19.
BetMakers is a betting technology company with a focus on racing data and analytics. The company partners with bookmakers to supply them with comparison odds, racing content, and business-to-business (B2B) racing wagering tech.
Last month, the company raised $35 million (before costs) through a placement to sophisticated and institutional investors. BetMakers raised the money to expand into the U.S. market.
Additionally, the company paid down $4 million worth of outstanding debt and is now debt-free.
For the month of June alone, BetMakers took away over $1 million in unaudited revenue.
BetMakers received $2.397 in cash receipts from customers. This figure represents a 40 per cent increased to the March quarter.
The company ended the quarter with $31.6 million in cash.
BetMakers’ wholly-owned subsidiary, BetMakers DNA, signed a five-year agreement to manage Fixed Odds betting terminals and kiosks at Monmouth Park racetrack in New Jersey.
BetMakers DNA secured the agreement from Monmouth Park’s operator, Darby Development, and the New Jersey Thoroughbred Horsemen Association.
Significantly, the deal came just after the State of New Jersey Governor announced horse racing would recommence post-COVID-19.
The BetMakers Board expects the agreement will have a material impact on the company’s revenues. It also expects to invest around $250,000 on establishing infrastructure on the Monmouth Park racetrack.
During the quarter, BetMakers poured $75,000 on wagering hardware to be used on-course at the racetrack. Furthermore, an additional $149,000 was spent on initiatives to grow its presence in the U.S.
Earlier in the quarter, the betting company signed agreements with Australian bookmakers, Rob Waterhouse and Mark Sampieri, to provide them with a new technology platform and managed trading services for their online businesses.
As a result, robwaterhouse.com was launched and led to BetMakers securing a platform of three active bookmakers.
The launch of the Managed Trading Services product delivered revenues of more than the minimum expected amount of $100,000 that was required for the Class A Performance Right issued to gambling fund, Waterhouse VC.
Accordingly, the Class A Performance Right will convert into options based on the total revenue generated under the Waterhouse Group agreements up to June 30 2021.
BetMakers spent a total of $168,000 on technology development and costs associated with its platform clients.
It seems the expenditure is paying off as the company has attracted a number of bookmakers wanting to launch online.
Company shares are up 8.64 per cent and trading for 44 cents each just before market close.