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- BetMaker’s (BET) reports big revenue gains, supported by growth in its Global Tote and Global Betting Services divisions
- Revenue grew by 473 per cent from the previous corresponding period to $43.5 million
- The period was marked by the acquisition of Sportech PLCs Racing and Digital assets in June, which allowed the company to expand its operations in the US, the UK, and Europe
- This acquisition did increase corporate costs, however operating activities had positive cashflow of $1.8 million with cash receipts of $45.5 million
- Shares are trading 4.35 per cent lower at 55 cents each
BetMaker’s (BET) has reported big revenue gains, supported by growth in its Global Tote and Global Betting Services divisions.
Revenue grew by 473 per cent from the previous corresponding period to $43.5 million.
The company’s adjusted EBITDA turned positive, coming in at $2.3 million.
However, the company reported a loss after income tax of $27.82 million.
The period was marked by the acquisition of Sportech PLCs Racing and Digital assets in June, which allowed the company to expand its operations in the US, the UK, and Europe.
This acquisition did increase corporate costs, however operating activities had positive cashflow of $1.8 million with cash receipts of $45.5 million.
Global Tote contributed to most of the revenue with $23.2 million, which was attributed to growth in markets from the acquisition.
Global Betting Services saw revenue growth of 211 per cent to $18 million.
This was due to the expansion of the domestic Platform and Managed Trading Services clients.
The company increased investing activities with a total of $19.7 million spent during the period, which was largely for property, plant and equipment.
It expects continued investment in racing-related hardware in the future but not at the levels seen during this period.
Looking ahead, the company will focus on developing its Australian and US markets.
This includes continuing to focus on its B2B strategy, as well as contracting and launching new bookmakers.
At the end of the period, the company had a cash balance of $111 million.
Shares were trading 4.35 per cent lower at 55 cents each at 3:00 pm AEDT.
