BetMakers posts receipts of $18.9m for Q2

The figure represents a 9 per cent increase when compared to the previous year.

Australia.- Betmakers has reported its largest quarterly customer receipts of $18.9m for Q2, which ended on December 31, 2022. The figure represents a 9 per cent increase when compared to the previous year and a 13 per cent rise compared to the previous quarter.

Revenue was boosted by a record Spring Racing Carnival, with 25 platform clients processing 4.7m bets during Melbourne Cup week and over 1.7m on Melbourne Cup day alone. 

The company received around $1.4m in cash from NTD Pty Ltd following the launch of its Betr brand, which attracted over 300,000 sign-ups. It also launched its NextGen wagering platform and Global Tote Hub during the quarter, which will be used in other areas of its business.

The cost of these projects are expected to lead to negative earnings for full-year 23. The company aims to reduce costs and return to earnings growth in FY24.

In FY2022, Betmakers posted revenue of $91.1m, following the acquisition of Sportech’s global tote arm in 2021. 

BetMakers announces board changes

Meanwhile, BetMakers has announced changes to its board structure with the appointment of Matt Davey as president and executive chairman and changes in roles for Todd Buckingham and Jack Henson. Buckingham will serve as chief growth officer and Henson as CEO. 

The company said the changes, effective immediately, aim to improve profits and efficiency by focusing on scalable processes and international opportunities. Davey will oversee strategy, Buckingham will develop international prospects, and Henson will focus on operational excellence and profitability optimization.