- BetMakers Technology (BET) has reported a 206 per cent year-on-year increase in cash receipts for the March 2021 quarter
- During the quarter, the betting tech company struck a major deal with online wagering industry leader Matt Tripp to accelerate its business-to-business growth strategy
- The company also received a significant $75 million boost from a placement and share purchase plan
- Further, BetMakers is getting closer to acquiring U.K. betting company, Sporstech, which is expected before the end of June
- At the end of the March quarter, BetMakers had a strong cash balance of $125.7 million
- Company shares are up a slight 0.4 per cent and are trading at $1.27
BetMakers Technology (BET) has reported a 206 per cent year-on-year increase in cash receipts for the March 2021 quarter.
Additionally, the $5.2 million in receipts marks a 31 per cent growth from the December 2020 quarter.
The betting technology company struck a major deal with Matt Tripp, an online wagering industry leader. The deal will help BetMakers accelerate growth its business-to-business (B2B) wagering strategy.
Additionally, Mr Tripp’s investment trust, Tripp Investments, subscribed for $25 million of new BetMakers shares as part of a strategic placement.
Aside from the $25 million boost, BetMakers raised $50 million through an institutional placement to support its growth strategy.
On top of this, another $26.3 million was raised through a highly oversubscribed share purchase plan — making the March quarter a very fruitful one.
“We have delivered another strong performance for the quarter, demonstrating significant growth in our underlying business as the company accelerates its strategy to capitalise on international opportunities, particularly in the U.S.,” CEO Todd Buckingham said.
BetMakers completed a major acquisition that was announced at the end of last year. In January, the company acquired U.K. betting business Sportstech for £30.9 million (roughly A$55 million).
As the company is acquiring Sportstech’s racing and digital assets, it is still finalising the necessary regulatory approvals and authorisations. The process is reportedly travelling well and is expected to be completed by the end of June.
In terms of expenditure, BetMakers allocated $424,000 on operating activities after spending about $3.4 million on staff and admin costs and another $1.9 million on product manufacturing and operating costs.
At the end of the quarter, BetMakers had a strong cash balance of $125.7 million in the bank.
Company shares are up a slight 0.4 per cent and are trading at $1.27 at 12:27 pm AEST.