Under the agreement, Matt Tripp will help BetMakers expand in both Australia and the US and will purchase a AUS $ 25 million stake in the company.
Matt Tripp And BetMakers Ink Partnership
Online betting market leader BetMakers and Matt Tripp have entered into an exclusive partnership. Through the agreement, Tripp will use his business acumen to advise BetMakers on its B2B wagering strategy. In addition to this, Tripp will also purchase AUS $ 25 million (USD $ 19.32 million) in shares at the Australian company.
The former Chief Executive of Beteasy and Crownbet will assist BetMakers in its continued expansion in the Australian B2B sector. The company has already made several decisive moves to better leverage its technology and platforms.
Tripp will also help the company establish a stronger foothold on the burgeoning US market. This will be done primarily through improved leveraging of Sportech’s tote and digital business. BetMakers will obtain those once the acquisition process goes through. Last month, Betmakers’ shareholders granted their approval to the promising deal.
BetMakers To Launch New Shares
In addition to assuming this advisory role, Tripp has also reserved AUS $ 25 million in new shares. Given BetMakers’ share price, which hit an all-time high of AUS $ 1.0 today, this would mean that the company would have to issue 25 million new shares. This number is of course subject to change, given the strong growth BetMakers’ shares are currently experiencing.
BetMakers has also received commitments from several other interested institutions, totalling AUS $ 50 million. The deal will be undertaken under the same price conditions as the deal with Tripp and will likely go through on 23 February.
According to the company, all generated funds will go to further accelerating growth. Furthermore, the deals will help BetMakers pursue and executive important strategic opportunities.
BetMakers and Tripp Looking Forward To Cooperation
Both Tripp and BetMakers have expressed confidence and excitement about their future cooperation.
Tripp has lauded the business strength and market significance of the betting market leader. According to him, BetMakers has managed to cement itself on the global racing wagering scene. The company has grown a large customer base through its formidable team and highly trusted products. He added that he was happy to invest in the company and help it scale up its business even further.
BetMakers Chief Executive Todd Buckingham has welcomed Tripp both as a valued member of the team and as an important investor. He praised Tripp for his business acumen and experience and said that his support was a great vote of confidence in BetMakers.