- BetMakers Technology (BET) recorded $24.6 million in reported cash receipts over the second quarter in FY22, up 521 per cent from this time last year
- The increase is the company’s best result today and was driven by continued strong revenue across the group
- During the quarter, BET continued to advance its US strategy, with the upcoming launch of Fixed Odds betting on horse racing in New Jersey
- At the end of the period, the company has over $110 million of cash and no debt
- BetMakers are up 6.5 per cent to 65 cents
Over the December quarter, BetMakers Technology (BET) recorded $24.6 million in reported cash receipts, the company’s best result to date.
This result is 17 per cent higher than the first quarter of FY21 and 521 per cent higher than this time last year. The increase was driven by continued strong revenue across the group and improved recoverability of accounts.
During the quarter, the company continued to advance its US strategy, with further investment in products and people ahead of the upcoming launch of Fixed Odds betting on horse racing in New Jersey.
CEP Todd Buckingham said the quarter results were “very pleasing”.
“We believe BetMakers now has a proven and comprehensive world-class offering of wagering technology and services and that the company is perfectly positioned to further capitalise on the opportunities that are presenting themselves globally,” he said.
“While Australia and the US are key pillars of our immediate growth strategies, we are now seeing more jurisdictions ‘opening up’ which we believe will allow us to continue to deliver strong growth results.”
Just before Christmas, BetMakers signed a binding heads agreement to become the exclusive provider of Pari-mutuel racing services for Caesars Entertainment in Nevada.
Caesars is the largest casino-entertainment company in the US and one of the world’s most diversified casino-entertainment providers.
“Caesars is the biggest casino group in the US, so we are delighted to be working with them and, in particular, in the core market of Las Vegas,” Mr Buckingham said.
“We strongly believe that racing as a betting product in the U.S. will be a popular part of the total wagering offering, and Caesars is a great brand to be working with to extend this vision.”
At the end of the period, the company has over $110 million of cash and no debt.
BetMakers were up 6.5 per cent to 65.5 cents at 11:18 am AEDT.