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- BetMakers Technology (BET) records over $6.2 million in revenue from its deal with the Waterhouse Group
- The commercial agreement was signed in April 2020 with BetMakers agreeing to provide data and technology for Waterhouse’s online business
- Exceeding the minimum revenue threshold, Waterhouse has converted its first tranche of performance rights, with BET issuing more than 34 million shares
- Additionally, BET issued around 47,000 shares as a result of the exercise of 50,000 options pursuant to the cashless exercise facility under its long-term incentive plan
- Shares have been trading 5 per cent higher at $1.10 cents at 10:51am AEST
BetMakers Technology (BET) has recorded revenue of $6.2 million from its deal with the Waterhouse Group.
The commercial agreement was signed in April 2020 with BetMakers agreeing to provide data and technology for two wagering products — tomwaterhouse.com betting application and MTS Global.
The revenue was pulled in between May 22, 2020 and June 30, 2021.
As a result, the Class A performance rights issued to Waterhouse vested and were converted into more than 34 million options, which have been exercised at 18 cents each as of today.
With the first tranche of performance rights converted, Waterhouse’s CEO Tom Waterhouse said the company looks forward to its ongoing relationship with BetMakers.
BetMakers CEO Todd Buckingham said the deal helped to establish the company as one of the leading B2B technology providers for the racing industry.
In a statement, BET said it has also issued around 47,000 shares as a result of the exercise of 50,000 options pursuant to the cashless exercise facility under its long-term incentive plan.
Shares were trading 5 per cent higher at $1.10 cents at 10:51am AEST.
