BetMakers Technology has notified investors that it has entered a definitive share purchase agreement to acquire horse racing intelligence and rating systems provider Punting Form.
A purchase agreement has been reached with Punting Form owner ABettorEdge Pty, which will see BetMakers take over all proprietary IPs and artificial intelligence of the technology. It will be used to continue the enhancement of BetMakers’ platform for horse racing and further B2B services.
An ASX transaction statement notified: “BetMakers will integrate the Punting Form services and data across all operating divisions, with an immediate focus on Managed Trading Services (part of the Global Betting Services division) allowing pricing improvements across its ratings engine.
“Additionally, Punting Form will expand the current services to include sectional time ratings for North American and other global jurisdictions (including New Zealand, UK and Ireland) and additional racing formats (greyhounds and harness racing).”
As the proprietor of Punting Form, BetMakers announced that it would reward the technology vendors of JJ Ventures Hong Kong and H Kelly Family Holdings with a cash consideration of AUS $3m (€2m).
The deal further carries an AUS $17m (€11m) earn-out on ‘achievable targets’ over the next three years based on revenue (X4) and profitability (EBITA x8) targets.
As a BetMakers subsidiary, Punting Form will continue to operate as a standalone B2B business providing horse racing intelligence services for professional wagering syndicates, wagering operators, content creators and form analysts globally.
BetMakers CEO Todd Buckingham commented: “Sectional Times are at the forefront of any ratings system and required by any serious ratings engine. 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.”