As the ink dries on a number of partnership contracts, BetMakers’ CEO Todd Buckingham is confident in the company’s financial future as FY22 revenue rose by 371% from the previous year.
As detailed in its FY22 financial report, the Australian sportsbook technology and software provider revealed that revenue (June 2021-June 2022) stood at AUS$91.6m (2021: AUS$19m).
Adjusted EBITDA was positive at $2.2m, a substantial increase on the negative figure of $2.9m recorded in FY21, whilst a unit-by-unit breakdown saw the Global Tote division achieve the largest growth rate.
“The company delivered more than $90m in revenue and a positive adjusted EBITDA,” Buckcingham remarked in his statement to shareholders.
“The performance across its three divisions – Global Betting Services, Global Tote and Global Racing Network – showed strong overall growth and re-enforced the position of BetMakers as a leading B2B wagering technology company within the global landscape.
“The further development of proprietary technologies to service the global racing industry – including wagering operators and racing bodies – has been supported by a targeted recruitment of key personnel for management and the board.”
Looking ahead, Buckingham focused on BetMakers expansion of its international footprint, stating, pointing to the company’s staffbase of 500 and operational presence in over 30 jurisdictions via 45 regulatory licences and deals with 60 operators and 225 racing partners.
The CEO asserted that he was ‘especially pleased’ with the position BetMakers has secured for itself, as the firm looks to build on its existing partnerships and accelerate growth going into 2023.
Such partnerships include a 10 year tote services arrangement with Norsk Rikstoto in Norway as well as agreements with Caesars Entertainment and Penn National Gaming in North America.
In its home market of Australia, the ASX-listed company’s most significant commercial development of late is its deal with soon-to-be-launched betting venture NTD, a new betting venture backed by the News Corp Australia media network and Tekkorp Capital.
BetMakers will support the new sportsbook via its OM Apps subsidiary, and recently secured updated terms to the deal which will see NTD increase its payments by an incremental $2m per annum, driving up the maximum cap to AUS$20m over the initial 10 year period.
“The outlook for FY23 and beyond is exciting as we focus on executing the Company strategy and realising the multiple growth opportunities our unique set of assets provide,” Buckingham concluded.
“While a number of these deals have been signed in FY22, we anticipate the benefits will only start to flow throughout FY23 and beyond as these deals materialise.
“We believe the business transformation is now unquestionably robust and independent of any single contract or strategy. This financial year closes with confidence, enthusiasm, and a substantial pipeline of opportunities.”