Exactly one week after announcing its takeover of horse racing ratings firm Punting Form, BetMakers has confirmed that the acquisition is complete.
The Australian sports betting platform provider intends to incorporate Punting Form into its Global Betting Services division, a move which it believes will improve back-end tools and relative trading margins, as well as drive more efficient pricing.
On a wider scale, BetMakers predicts that the acquisition will further strengthen its standing as a global provider of B2B data and technology services for horse racing, having recorded positive results in successive trading statements.
Financial terms of the agreement have seen the company offer a cash consideration of AUS £3m (€2m) to JJ Ventures Hong Kong and H Kelly Family Holdings, with a further ean-out of AUS $17m (€11m) dependent on ‘achievable targets’ over the next three years.
The trading name of ABettorEdge Pty Ltd, Punting Form leverages proprietary IP and artificial intelligence to create sectional times and benchmarks for horse racing, which in turn drives its time-based ratings systems.
“Sectional times are at the forefront of any ratings system and required by any serious ratings engine,” Todd Buckingham, BetMakers Managing Director, commented last week.
“The synergies across our business are exceptional with both internal use and our external client base benefiting greatly from this acquisition.
“The team at Punting Form are very experienced in delivering B2B wagering solutions and we are excited to have them on board at BetMakers.”
As well as its Global Betting Services division, BetMakers also maintains three other segments – Global Tote, Global Racing Network, and US Fixed Odds.
The firm added that the incorporation of Punting Form into its portfolio will enable the Global Tote’s to drive more liquidity in existing and new markets, based on the former’s relationships with racing syndicates.
Additionally, the development will improve pricing and increase confidence in overseas content for the Global Racing Network, and increases in race timing quality will power ‘the cleanest and most accurate data’ for US Fixed Odds and facilitate operators’ ability to move from tote to starting price betting, according to BetMakers.
In the time between the announcement and completion of the acquisition, BetMakers updated its ASX stakeholders of its Q3 progress, revealing a 13% increase in total cash receipts to AUS$23.8m (AUS$19.9m).