BetMakers reports 10% YoY revenue dip amid ongoing restructure
ASX-listed supplier sees revenue fall to AU$41.5m in the six months to 31 December, as bosses note more streamlining is on the horizon
BetMakers has announced revenue of A$41.4m (£20.6m) for the six months ending 31 December 2024, as the ASX-listed supplier looks to continue reducing operating costs.
The figure for H1 full-year 2025 marked a 10% year-on-year (YoY) drop from the A$51.4m the year prior. However, management said that when excluding the revenue impact from a single legacy customer, revenue was up 2% YoY.
Global tote revenue amounted to A$23.9m, with global betting services accounting for the remaining A$17.5m. The US, with A$17.8m in revenue, was the largest geo in BetMakers’ portfolio.
The group also noted 27% of revenue was derived from its 10 largest customers.
Adjusted EBITDA for the period came to an A$1.3m loss compared to a loss of A$1.4m in H1 2024. Gross profit for the ASX-listed company stood at A$24.7m, falling 8.4% YoY from A$33.1m.
The firm is expecting EBITDA and operating cash-flow trajectory to improve throughout the second half of the year due to the “impacts of the restructuring and the Apollo migration” taking full effect.
BetMakers said it made further restructurings to its staff cost base in H1 2025 “in line with its strategy to streamline operations” which resulted in cash operating costs falling from A$75.6m to A$59.6m a year later – a decrease of 21%.
Further cuts are expected, with BetMakers now targeting a run-rate of cash operating expenses of A$55m before the end of the financial year.
It added that based on “current market trends and internal projections”, there would be further improvements in revenue growth expected heading into full-year 2026.
Commenting on the supplier’s outlook, CEO Jake Henson said: “Our focus during H1 FY25 was to deliver on our operational goals.
“We have made further progress on our transformation strategy by optimising our cost base, delivering upgraded technical solutions and streamlining our growth strategy.
“We are also pleased with the progress we are making on our growth initiatives. Our upgraded product suite is starting to deliver a new set of opportunities for us and we expect this is to result in growth leading into FY26.”
Executive chair Matt Davey added BetMakers made “strong progress in executing our strategic objectives”.
Davey added: “Our new and upgraded technology suite is having a dual effect: it positions BetMakers at the forefront of global wagering, while delivering further efficiency gains, a combination that we expect to drive further improvements in the second half of FY25.”
BetMakers share price at the time of writing is up almost 5% to A$0.12.