BetMakers revenue up 9% in Q3 2023
BetMakers recorded revenue of AU$23.6m (US$15.8m) for the third quarter of fiscal year 2023.
Australia.- Betmakers has shared its financial results for the third quarter of the financial year 2023. Revenue was AU$23.6m (US$15.8m), up 9 per cent in year-on-year terms.
The company recorded a net loss for the period as it continues to face cost pressures. It posted a net negative cash flow of US$4.9m, with cash and cash equivalents declining from US$61m to US$56.2m. It Operating costs reached US$28.6m due to investments “deliver on new contracts, technology and growth opportunities.”
The company has taken steps towards cost reduction, including reducing staffing costs by 8 per cent to US$15.9m and achieving a 13 per cent decline in product manufacturing costs to US$9.1m for the quarter. It reported a 25 per cent fall in administrational and corporate costs, attributed to the lack of annual insurance payment in the third quarter and a reduction in the use of third-party advisors. Overall, costs stood at 13 per cent below those reported in the same period the previous year.
BetMakers’ senior leadership team has undergone restructuring, with the appointment of Matt Davey as president and executive chairman and changes in roles for Todd Buckingham and Jack Henson. Buckingham now serves as chief growth officer and Henson as CEO.
The company said the changes aim to improve profits and efficiency by focusing on scalable processes and international opportunities. Davey now oversees strategy while Buckingham develops international prospects, and Henson is focused on operational excellence and profitability optimization.
For 2022, BetMakers posted revenue of $91.1m, following the acquisition of Sportech’s global tote arm in 2021.