SBC News Voice of the Sports Betting Industry
BetMakers Technology Group will repay all outstanding corporate debt, having secured new financial commitments from investors.
The ASX-listed racebook and sportsbook technology provider has locked in firm commitments worth AU$12.5m (€7.8m) from professional investors via an institutional placement priced at AU$0.10 per share.
The raise includes a AU$1m commitment from Tekkorp Holdings, the gambling investment fund of BetMakers’ President Matt Davey, subject to shareholder approval.
In addition to the placement, BetMakers will launch a Share Purchase Plan (SPP) for eligible existing shareholders to raise a further AU$1m, potentially bringing the total capital raised to AU$13.5m before costs.
Proceeds will primarily be used to repay all outstanding debt, which was reported at AU$4.3m (€2.6m) in the FY2024 accounts.
The funds will also support content and access agreements, including obligations tied to New Jersey’s Fixed Odds market, and advance the potential acquisition of Las Vegas Dissemination Company (LVDC), Nevada’s exclusive pari-mutuel wagering distributor.
Of strategic importance, BetMakers will clear its balance sheet and strengthen its working capital to realise its commercial ambitions, particularly in US racing, where it sees “the opening of pathways”.
CEO Jake Henson described the raise as a pivotal moment for the business, stating:
“This capital raise ensures that BetMakers is well funded to pursue both organic and inorganic growth opportunities. With a strengthened balance sheet, extinguished debt, and additional working capital, we are well positioned to execute on our strategic objectives.”
The planned acquisition of LVDC, if approved, would bolster the company’s presence in Nevada and further embed its technology within the North American horse racing infrastructure.
