BetMakers has set its eyes on further US and Australian growth through the accelerated roll-out of its three global products.
Publishing its half year results, BetMakers recorded group revenues of $43.5m – an increase of 473%.
Gross profits for the six-month period amounted to $32m, up 700% from the corresponding period in 2021, while adjusted EBITDA was in the black, coming in at $2.3m.
This growth, the company said, has largely been attributed to its Global Tote and Global Betting Services divisions.
Global Tote was lauded as a key performance driver over the six months, generating $23.2m in revenue for the group as a result of growth in markets from the acquisition.
Meanwhile, the Global Betting Services division reported 211% increases in revenues, totaling $18m. This growth, BetMakers said, was largely driven by the expansion of the domestic Platform and Managed Trading Services clients.
BetMakers also highlighted its acquisition of Sportech, which marked another step in its international expansion – allowing the company to expand its operations across the US, UK, and Europe.
Looking forward to the remainder of the year, the next phase of BetMakers’ growth strategy will be shaped by its three global product divisions: Global Betting Services, Global Tote, and Global Racing Network.
To fuel this expansion, the technology group explained that it will continue to execute its B2B strategy across both Australia and the US, with the launch of fixed-odds horse wagering in New Jersey pinpointed as a key opportunity for the company.
Towards the end of H1, the NJTHA assigned rights under the Fixed Odds Wagering Act to BetMakers, whose term as the exclusive provider to deliver and manage fixed odds betting on thoroughbred horse racing into New Jersey was extended from 10 years to a new contracted term of 15 years.
Targeting a launch of May 7 for fixed-odds betting on racing – a date which is conditional on the finalization of the state’s regulatory framework – BetMakers will continue to contract New Jersey licensed bookmakers, thereby fuelling further growth within the US market.