- BetMakers Technology (BET) opens the trading day red despite revealing record revenue for the three months to the end of September in its latest quarterly report
- The bookie tabled $21 million in customer receipts over the quarter — more than double the $8.9 million of revenue from the June quarter of 2021
- BetMakers cites growth across its Australian platform and Managed Trading Services operations and its recent buyout of Sportech as two of the reasons for the revenue boost
- CEO Todd Buckingham says the company has a clear strategy for growth in Australia and the US, especially in light of recent fixed-odds laws introduced in the States
- Still, despite the record revenue and company confidence, BetMakers shares are down 2.19 per cent and trading at $1.23 each
BetMakers Technology (BET) has opened the trading day red despite revealing record revenue for the three months to the end of September in its latest quarterly report.
The bookie told investors it managed to table $21 million in customer receipts over the quarter — more than double the $8.9 million of revenue from the June quarter of 2021 and 437 per cent higher than the September quarter of 2020.
BetMakers put the revenue boost down to sturdy growth across its Australian platform and Managed Trading Services operations, though this is not to mention the September quarter was the first full business quarter for the company since buying out Sportech back in June.
Nevertheless, with the higher quarterly cash receipts came higher operational expenses — particularly relating to product development and admin costs. As such, BetMakers’ operational cashflow was negative by $1.5 million for the quarter.
Still, CEO Todd Buckingham said the past quarter was “very pleasing” for the company.
“We have seen an impressive uplift on our strong base of domestic operations while also capturing growth in global markets that were identified by the company as opportunities for us to expand our B2B wagering technology products and services globally,” Mr Buckingham.
“BetMakers has a very clear strategy for growth in Australia and the United States and is investing in the US opportunity, which we believe has the potential to be significant.”
Speaking of BetMakers’ US operations, the company started to roll out its fixed-odds betting services in New Jersey after the state’s Governor signed the landmark “Fixed Odds Bill” into law. This makes BetMakers the first bookie to offer fixed odds on horse racing in the US.
“With a clear strategy, focused management, highly-skilled global staff and the opening up of sizeable opportunities across the world’s wagering markets, we believe BetMakers is well placed to build upon the foundations it has now established.”
Alongside the fixed-odds wagering services, BetMakers has also developed a suite of self-service betting terminals for US customers known as Betline, as well as a business-to-business Mastercard designed specifically for the global wagering industry.
Despite the record revenue and company confidence, BetMakers shares were down 2.19 per cent and trading at $1.23 each at 11:02 am AEDT. The company has a $1.08 billion market cap.