SBC News Voice of the Sports Betting Industry
BetMakers Technology Group has released its financial results for the second half of 2024 which demonstrates an improved growth outlook.
Throughout the period, the company delivered technology upgrades, new platform launches and reduced operating costs.
Looking at the figures, BetMaker’s adjusted EBITDA loss was reduced to AU$1.3m for 1H FY25 (July – December 2024) from AU$1.4m in 1H FY24, whilst it expects EBITDA and operating cash-flow trajectory to continue to improve in 2H FY25 (January – June 2025).
Matt Davey, Executive Chair of the Australian provider, commented: “The first half of FY25 has seen BetMakers make strong progress in executing our strategic objectives, delivering substantial operational enhancements that better position us for long-term, sustainable growth.
“Our recent technology upgrades have contributed to the significant improvements in operational efficiencies, with the roll-out of Apollo serving as a key catalyst.
“Our new and upgraded technology suite is having a dual effect: it positions BetMakers at the forefront of global wagering, while delivering further efficiency gains, a combination that we expect to drive further improvements in the second half of FY25.
“With a robust business pipeline, a growing customer base, and cutting-edge technology, BetMakers is well placed to capitalise on its role as a leading gateway to the global racing ecosystem, driving revenue growth in the periods ahead.”
Revenue was softer in 1H FY25 (AU$41.4m) compared to 2H FY24 (AU$43.8m). However, after excluding the revenue impact from a legacy customer (2H FY24 revenue was reduced by AU$4.1m and 1H FY25 revenue was reduced by AU$0.8m), the business grew revenue modestly up by 2% from AU$39.7m in 2H 2024 to AU$40.5m in 1H 2025.
The sports technology company recently announced a partnership with Sportradar, which now enables customers of the latter’s sportsbook to access an enhanced horse and greyhound racing offering due to an integration between BetMakers and Podium.
In the results, Betmakers emphasised how this link-up adds to its partnership growth funnel, with its racing wagering tool, AdVantage Platform, being integrated into Sportradar’s ORAKO sportsbook solution for full access to global racing events.
Meanwhile, in the six-month period, BetMakers executed further restructuring of its sta cost base in line with its strategy to streamline operations, further optimising its resources to support the upgraded product and technology offerings.
The cash operating costs for the business were reduced from an annualised AU$75.6m in 1H FY24 to AU$59.6m in 1H FY25 (a 21% drop). The firm is now targeting a run-rate of cash operating expenses of AU$55m before the end of FY25.
Speaking on the outlook, CEO Jake Henson added that the group’s focus during 1H FY25 was to deliver on our operational goals, noting that they have made further progress on its transformation strategy by optimising cost base, delivering upgraded technical solutions and streamlining growth strategy.
He concluded: “We are also pleased with the progress we are making on our growth initiatives. Our upgraded product suite is starting to deliver a new set of opportunities for us and we expect this to result in growth leading into FY26. The recent milestone agreement with Sportradar demonstrates further proof of the quality technical solutions we have built.
“Our technology roadmap is strong and we are excited about the future for both GBS and Global Tote as our Apollo Platform and Global Tote’s upcoming GTX platform continue to improve our product and enhance our operational efficiency.”
