- BetMakers Technology (BET) completes the acquisition of Punting Form
- BetMakers will pay Punting Form vendors up to $20 million in exchange for acquiring all shares in the company
- An initial cash consideration of $3 million will be paid on November 30, with the remaining $17 million considered as an earn-out over the next three years upon meeting operational and revenue milestones
- BET says the acquisition will further strengthen its position as one of the “leading global providers” of business-to-business data and technology services for horse racing
- BetMakers Technology is trading steady at 27.5 cents at 1:27 pm AEDT
BetMakers Technology (BET) has completed the acquisition of ABettorEdge, trading as Punting Form.
Punting Form uses artificial intelligence to create sectional times and benchmarks for horse racing, which are used for time-based rating systems.
BetMakers will pay Punting Form vendors up to $20 million in exchange for acquiring all shares in the company.
An initial cash consideration of $3 million will be paid on November 30, with the remaining $17 million considered as an earn-out over the next three years upon meeting operational and revenue milestones.
BetMakers said this acquisition will further strengthen its position as one of the “leading global providers” of business-to-business data and technology services for horse racing.
The benefits of the deal are said to include global bettering services, offering more efficient pricing for users and the opportunity to leverage existing Punting Form relationships.
The increase in race timing quality will also ensure BetMakers’ ratings engine is powered with the “cleanest and most accurate” data.
BetMakers Technology was trading steady at 27.5 cents at 1:27 pm AEDT.