- BetMakers Technology Group’s (BET) net loss after tax has blown out, jumping more than 700 per cent to $17.45 million at the end of FY21
- The loss comes despite the wagering business increasing revenue by 126.7 per cent to $19.46 million during the financial year
- BET’s earnings also dropped in FY21 as the company’s expenses grew from $2.42 million to $20.94 million and investments hit $46.7 million
- BetMakers completed its Sportech acquisition in June and has since become the first bookmaker to offer fixed odds on horse racing in the US
- It says it began FY22 with an annualised revenue run rate of more than $70 million, with BET shares up 6.03 per cent at $1.19 apiece at 11:23 am AEST
BetMakers Technology Group’s (BET) net loss after tax has blown out over FY21, jumping more than 700 per cent to $17.45 million at the end of June.
The global online wagering business tabled its full year results on Monday, revealing the 715.6 per cent jump in loss.
The loss comes despite BET increasing revenue by 126.7 per cent over FY21 to $19.46 million, with gross profits of $10.2 milion.
Its earnings before interest, taxes, depreciation and amortization was also negative, ending the year $2.9 million in the red.
The losses occurred as BetMakers spent big on expansion, with expenses growing from $2.42 million to $20.94 million in FY21 and investments totaling $46.7 million.
Among the investments was BET’s $56 million acquisition of Sportech’s racing and digital assets, which was completed in June.
Commenting on today’s results, CEO Todd Buckingham said in BET’s annual report that he was excited for the year ahead.
“BetMakers now operates in more than 30 countries with more than 200 customers, processing more than $15 billion of wagering turnover annually,” Mr Buckingham said.
Since the end of FY21, the business has become the first bookmaker to offer fixed odds on horse racing in the US after New Jersey legalised the practice.
BET said it had started FY22 off with a bang, reporting an annualised revenue run rate of more than $70 million per year in July.
Shares in BetMakers have rallied following the release of FY21’s results, with BET shares up 6.03 per cent at $1.19 apiece at 11:23 am AEST.