- BetMakers Technology (BET) has recorded over $8 million in additional revenue under commercial deals with the Waterhouse Group
- Two years ago, the company signed agreements to provide tech, data and services to two of the Warehouse Group’s betting and wagering products
- Under the terms, Warehouse’s venture capital arm would receive performance rights to be converted into options over BetMakers shares
- BetMakers issued Waterhouse VC the Class B Performance Right and converted it into over 45.8 million options exercised at 18 cents and generated $8.25 million in revenue
- Company shares are up 3.36 per cent to trade at 61.5 cents
BetMakers Technology (BET) recorded over $8 million in revenue under commercial agreements with the Waterhouse Group during a vesting period in the second half of 2021.
The agreements were signed in January 2020 for BetMakers to provide technology, data and services to the Waterhouse Group — specifically for the tomwaterhouse.com betting software app and the Waterhouse global pricing and trading desk.
As part of the deal, BetMakers would get revenue from both products in a shared
arrangement with the Waterhouse Group.
Additionally, Waterhouse’s venture capital arm Waterhouse VC would receive performance rights to be converted into options over shares in BetMakers. The number of options were to be calculated depending on the amount of revenue the new products derive for BetMakers over two years.
For the period from July 1, 2021, to December 31, 2021, Waterhouse VC was issued the Class B Performance Right and converted it into 45,862,414 options exercisable into BetMaker shares at an exercise price of 18 cents until January 2024.
Waterhouse VC chose to exercise the options and BetMakers issued the shares for a total of $8.25 million.
This followed BetMakers receiving over $6.2 million in revenue in mid-July for the Class A Performance Rights.
“This deal is obviously a great result for our partners but also a fantastic result for BetMakers to now have a product fully operational in the market that, while this revenue
result is great, is really only in the early stages of rolling out globally,” BetMakers CEO Todd Buckingham said.
Waterhouse VC CEO Tom Waterhouse said he was delighted with how the products performed in the market.
“BetMakers has taken this concept and turned it into a product, taken it to market and delivered incredible results in a very short space of time, proving they are a market leader in B2B wagering globally,” he said.
Following the Class A and Class B performance rights, there are 14,314,351 remaining options available under the agreements.
With the acceleration of the high performing products, BetMakers expects the final performance payments will be achieved in the first half of 2022.
Company shares were up 3.36 per cent to trade at 61.5 cents at 1:17 pm AEDT.