BetMakers Posts FY 2024 Results, Highlights Reduction in Expenses

BetMakers Technology Group has published its financials for the 12-month period ended June 30, reporting an improvement in its operational discipline and a decline in expenses. 

The Company Reported a Reduction in Expenses

Thanks to a “disciplined approach to its strategy,” BetMakers was able to improve its profitability, realizing significant material benefits. The company’s adjusted EBITDA loss declined from AUD -27.8 million ($18.8 million) in FY 2023 to AUD -7.2 million ($4.9 million) in FY 2024.

BetMakers also reported a drastic decline in operational expenses. Operational expenses for the fiscal year reached AUD 65.3 million ($44.2 million), representing a decline of 26% year-on-year. This reduction was underpinned by the company’s investments in technology.

The company’s cost reduction initiatives and planned improvements are expected to further improve the FY 2025 results.

In the meantime, BetMakers reported a slight decline in gross profit, from AUD 59.1 million ($40 million) in FY 2023 to AUD 57.4 million ($38.8 million) in FY 2024. Overall revenue was slightly up, reaching AUD 95.2 million ($64.4 million) for the period, which marks a year-on-year increase of 0.2%.

BetMakers Hopes to Drive Further Improvements in 2025

In the meantime, BetMakers has undertaken a transformational rebuild of its core technology platform via the development of the Next Gen platform. This initiative is expected to drive further profitability by reducing costs and improving efficiencies.

The final stages of Next Gen are expected to go live in the first quarter of Q1 FY 2025.

The betr migration off-platform was successfully completed and is expected to accelerate the realization of cloud and operating efficiencies for BetMakers in 2025.

FY 2024, on the other hand, saw BetMakers renew its agreements with 29 operators. The company also teamed up with influential casino companies, such as BetMGM and Ceasars. Unfortunately, the company’s growth was offset by headwinds in Australia and the loss of betr.

As for the future, BetMakers will target further cost reductions in FY 2025, hoping to reduce its operating expenses to below AUD 60 million. The company expects stronger financial performance for the period.

2025 Will Be an Important Year for BetMakers

CEO Jake Henson noted that the company has “worked diligently to further reduce and normalize the cost base in FY, whilst continuing to invest in technology and grow the business.”

The significant development in technology is expected to put us in a great position to attack growth opportunities in international markets, whilst also benefitting our existing customer base. With these market-leading pieces of technology entering the fold, we are focused on our strategy which is designed to grow our global revenue and our international customer base.

Jake Henson, CEO, Betmakers

Henson concluded that FY 2025 will be an important year for his team, which is looking to transform BetMakers into a Rule of 40 Company.”