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BetMakers Technology (ASX:BET) to acquire Punting Form in potential $20m deal

ASX News, Technology
ASX:BET      MCAP $125.4M
24 October 2022 12:59 (AEST)
BetMakers (ASX:BET) - CEO, Todd Buckingham

Source: BetMakers

BetMakers Technology (BET) has announced its plans to acquire racing data specialist Punting Form via a share purchase deed in a deal worth a potential $20 million.

The company will pay the Punting Form sellers an initial $3 million in cash and a potential $17 million in earn-out payments over the next three years based on the delivery of operational, revenue and profitability targets.

BetMakers said the deal would strengthen its position as one of the leading global providers of business-to-business (B2B) data and technology services for horse racing.

As part of the acquisition, BetMakers will integrate the Punting Form services and data across all its operating divisions, with an immediate focus on managed trading services.

Additionally, Punting Form will expand its current services to include sectional time ratings for North American and other global jurisdictions, including New Zealand and Ireland, and additional racing formats including greyhounds and harness racing.

“The synergies across our business are exceptional, with both internal use and our external client base benefiting greatly from this acquisition,” BetMakers CEO Todd Buckingham said.

“The team at Punting Form are very experienced in delivering B2B wagering solutions and we are excited to have them onboard at BetMakers.”

BetMakers said the purchase would give it an opportunity to leverage the existing Punting relationships powering racing syndicates to drive more liquidity in existing and new markets.

Further, the company said it will benefit from revenue and profit synergies over and above the profit contribution from the standalone Punting business on which the earn-out is based.

Shares in BetMakers were up 2.99 per cent and trading at 34.5 cents at 12:47 pm AEDT.

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