- Betting tech specialist BetMakers (BET) has renewed a contract with U.K. bookmaking giant William Hill
- The contract was initially signed in November 2018 and set to expire at the end of 2020
- Now, the contract will last until December 2022, with some new terms
- BetMakers will now provide its expanded racing products to William Hill
- The company will also have first priority to supply content to William Hill as long as it can match prices offered by competitors
- Shares in BetMakers have gained just under eight per cent today, currently worth 20 cents each
Betting technology company BetMakers (BET) has renewed its contract with U.K. bookmaking giant William Hill Group.
The companies initially signed a contract in November 2018 under which BetMakers provides price management, racing data, and tote access tech to William Hill.
The deal was initially set to run until the end of 2020. Today, the contract has been extended to December 31, 2022.
The extension comes with some new terms, however.
Racing tech upgrade
While BetMakers will keep providing its wagering tech as per normal, it will now also provide its expanded racing products to William Hill.
This may come as no surprise to the company, however, with BetMakers reporting a surge in demand for its racing data and analytics tech as COVID-19 keeps sports in limbo.
While most sports are temporarily cancelled across the globe, racing is tracking along as normal but just without live crowds in attendance.
With eager punters having nowhere else to bet their cash, all eyes are turning towards the racing industry.
Price matching
As for the cash heading BetMakers’ way from the deal, the company said under the new contract terms, William Hill will incrementally increase the payments made to BetMakers over the course of the contract.
Further, BetMakers has the right to supply content to William Hill provided it can match the price offered by any other party, locally or internationally.
This may seem bittersweet to shareholders. While the price-matching clause means BetMakers might have first priority for servicing William Hill, it still leaves room for the company to be undercut by competitors offering prices the company can’t match.
Still, BetMakers CEO Todd Buckingham said the contract renewal is a strong vote of confidence from William Hill.
“This a significant and positive endorsement of the BetMakers business and we are delighted to be working with the William Hill Group, which as one of the world’s largest sports-betting and gaming companies has been one of BetMakers’ foundation clients outside of Australia,” Todd said.
“The extension and upgrading of BetMakers’ racing services and solutions to William Hill at an international level comes during a challenging time for wagering operators with the suspension of many sports globally,” he said.
William Hill Director of Racing Mark Howarth spoke highly of BetMakers, saying the company has played an important role in diversifying William Hill’s racing content.
“This success could not have happened without the excellent collaboration of William Hill Group Trading and BetMakers, who offer an incredible wealth of experience in international racing,” Mark said.
“This transition has seen William Hill increase its racing content significantly,” he added.
BetMakers shares are up 7.89 per cent today, currently trading for 20 cents each in a $97.16 million market cap.