BetMakers Continues Revenue Growth and Achievements into Q2 FY24

BetMakers Technology Group, a leading international provider of business-to-business betting technology, content data, services, and solutions, has released its latest quarterly activities report for Q2 FY24. The unaudited report covers the company’s performance for the three months ended December 31, 2023.

During this trading period, BetMakers experienced strong revenue of AU$25.1 million ($16.4 million), marking a 10% increase compared to the same period in 2022. The company attributed this growth to an increase in the number of new customers. Additionally, cash receipts for the period totaled AU$26.5 million ($17.3 million), representing an 8% increase compared to Q1 FY24.

In terms of underlying EBITDA, BetMakers reported a loss of AU$1.2 million ($782,000) for Q2 FY24, marking a significant improvement from the AU$9.1 million ($5.9 million) loss posted for the same period in 2022. This improvement has moved the company closer to profitability, according to BetMakers.

Matt Davey, BetMakers’ executive chair, emphasized the company’s operational strategy focused on achieving profitability and reducing operating expenses. He highlighted the importance of the partnerships and deals signed during the latest trading period, stating that these agreements will drive BetMakers’ expansion.

The company streamlined its operations and divided its business into two primary segments: Global Tote and Global Betting Services. Davey noted that this restructuring has provided a more effective and efficient way to manage and report on the business.

During Q2 FY24, BetMakers renewed contracts with partners such as ZeTurf in the Netherlands and the Meadowlands in New Jersey. The company also renewed its deals with PointsBet in Australia and William Hill in the UK, while also entering into a new partnership with Malaysia’s Selangor Turf Club, among other significant agreements.

Overall, BetMakers’ latest quarterly report highlights the company’s strong revenue performance, improved underlying EBITDA, and strategic partnerships and agreements that are expected to support its future growth.