BetMakers posts 272% annual rise in Q4 cash receipts as it ramps up US efforts
ASX-listed sports betting supplier salutes domestic and international performance in final reporting quarter of 2021
BetMakers has posted a 272% year-on-year increase in Q4 cash receipts as the Australian firm begins to reap the rewards of its international expansion plan.
The supplier processed A$8.9m in cash receipts from customers in Q4 2021, up from just A$2.4m in Q4 2020.
BetMakers said the improved financial status was due to a combination of its increased activity in its domestic market and positive early indications from its new international ventures.
BetMakers acquired fixed-odds and tote betting supplier Sportech in June in a deal worth A$56.2m, which includes Sportech’s businesses in the US, UK and Europe.
BetMakers noted that throughout Q4 it had invested A$1.5m into its technology as part of its strategy to enhance its wagering and racing experience in the US.
Elsewhere, the company finished Q4 with more than A$120m in cash and continues to operate without any debt.
Todd Buckingham, BetMakers CEO, said: “The past quarter is a very pleasing result for the company.
“We have seen an impressive uplift on our strong base of domestic operations while also capturing growth in global markets that we have identified as having the potential to be opportunities for us to expand our B2B wagering technology products and services globally as they continue to develop.
“With a clear strategy, focused management, highly-skilled global staff and the opening up of sizeable opportunities across the world wagering markets, we feel that BetMakers is well placed to build upon the foundations it has now established,” he added.