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Angel Hristov July 31, 2023 2 min read
BetMakers Reports Q4 Results, Highlights and Restructuring Progress
The company said that its restructuring efforts will continue in the first quarter of the next fiscal year
BetMakers released a report on its performance in Q4 of the fiscal year ended June 30, 2023. The company recorded improvements across the board and unveiled an upcoming webinar for its full-year report.
The betting tech and data partner reported $16.6 million (converted to USD) in cash receipts in Q4, which represents a modest 5% quarter-on-quarter increase.
Meanwhile, the company also posted $66.5 million in full-year cash receipts from customers for the fiscal year. This figure represents a 6% year-on-year increase from the prior fiscal year.
At the same time, net cash flow from operations experienced a sharp 39% quarter-on-quarter decline.
Finally, the company reported a closing cash balance of $27.5 million.
Q4 Was a Busy Period for BetMakers
BetMakers reported several key Q4 FY 2023 highlights, such as the execution of a non-binding term sheet with Stronach Group’s 1/ST Content business. Under the agreement, BetMakers’ Global Racing network’s race meetings will be distributed into various international markets, including the United Kingdom and Ireland.
The deal kicked off on May 1 and will see BetMakers leverage its content from many famous racecourses to power 1/ST Content’s broadcast schedule.
In addition, the company started its strategic operational restructure, hoping to improve profitability. As a result, net cash outflows from operations declined by 39% quarter-on-quarter. To achieve these results, the company had to reduce its team from 568 members to around 485 members.
The program addressing BetMakers’ deficiencies is still ongoing.
Finally, BetMakers highlighted its acquisition of the intellectual property of Form Cruncher, a racing data company that leverages racing data and odds to create engaging, dynamic and flexible content.
BetMakers Will Continue Its Restructuring Project in FY 2024
BetMakers’ board of directors announced that it is pleased with the results, adding that the period marked significant progress for the company. The directors highlighted the company’s efforts in reducing and normalizing the cost base and in simplifying the operating model.
BetMakers’ strategy is already yielding results, the directors said, as evidenced by the decline of operational cash outflows. The leaders noted that the firm will continue to execute its current strategy and strategic restructure during the first quarter of the following fiscal year.
The board is set to discuss the company’s FY2023 results during an upcoming webinar in late August 2023. The company will provide more details at a later date.