BetMakers Reports Revenue Growth, Highlights Achievements in Q2 FY24

The leading international provider of business-to-business betting technology, content data, services and solutions, BetMakers Technology Group, released its latest quarterly activities report earlier this week. The company’s unaudited Q2 FY24 report reveals details regarding its performance for the three months ended December 31, 2023.

For the latest trading period, BetMakers posted strong revenue which hit AU$25.1 million ($16.4 million). This result, marked a year-over-year increase of 10% when compared to the corresponding period in 2022. The company explained that the strong revenue growth was fueled by an increase in the number of new customers.

Additionally, BetMakers’ Q2 FY24 report revealed that cash receipts for the period hit AU$26.5 million ($17.3 million). This result also represented an uptick. Compared to Q1 FY24, cash receipts marked an increase of 8%.

In its latest report, BetMakers unveiled details regarding its underlying EBITDA for the latest period. The company confirmed that the underlying EBITDA loss for Q2 FY24 was AU$1.2 million ($782,000), a result that marked a substantial improvement when compared to the AU$9.1 million ($5.9 million) in underlying EBITDA loss posted for Q2 FY23. According to BetMakers, the result helped move “the company closer to profitability.”

Restructuring and Renewing of Agreements Fuel the Company’s Growth

Matt Davey, BetMakers’ executive chair, explained in a statement that the company continues to follow its operational strategy that aims at profitability and reduction of operating expenses. He spoke about the number of important partnerships and deals the company signed during the latest trading period, predicting that they will help propel BetMakers’ expansion.

“We are continuing to execute on our strategy of growing the top line, lowering our operating expenses, and moving towards profitability, as evidenced by the quarter’s results.“

Matt Davey, executive chair at BetMakers

Davey spoke about the streamlining of the company’s operations that helped simplify its business, dividing it into two prime segments: Global Tote and Global Betting Services. According to him, the restructuring helped provide “a much more effective and efficient way for us to manage and report on the business.”

“I am pleased to say that we again signed new customer agreements and extended contracts with key partners, which is expected to aid BetMakers’ growth going forward,“

added Davey

Notably, BetMakers renewed and signed new contracts during the latest trading period. In Q2 FY24, the company renewed its agreement with ZeTurf in the Netherlands and its deal with the Meadowlands in New Jersey.

Additionally, BetMakers renewed its deal with PointsBet in Australia and William Hill in the UK. The company also clinched a new partnership with Malaysia’s Selangor Turf Club, among other important partnerships.