BetMakers Technology Group has published its financial results for the fourth quarter and the fiscal year 2022, declaring year-over-year improvements in revenue and cash receipts.
Reporting its Q4 and FY22 results, the Australian sports betting solutions supplier declared revenue for the full year of $64.3m (AUS$91.6m), a 370% growth when compared to FY21.
BetMakers’ Q4 cash receipts from customers came in at $18.4m, a 21% rise on the previous quarter and a 194% increase YoY, while FY22 cash receipts from customers stood at $65.6m, a 325% improvement YoY.
The supplier noted that key drivers for its revenue included the growth of its platform and managed trading services clients, the integration of Sportech’s racing and digital assets, and the expansion of content distribution rights and wagering operator integrations.
BetMakers’ operating costs for Q4 came in at $33.17m, which included approximately $1.4m in accelerated expenditure, broken down into $350,000 for the delivery of fixed odds wagering in New Jersey, staff costs of $1.05m, admin fees of $350,000, a further $3.93m spent on property, $140,000 paid to Directors, and $10.5m in other investments.
For FY22, the supplier’s operating costs stood at $95.61m, which included ‘non-recurring and accelerated operating costs’ at $2.81m, property, plant management, and equipment at $11.7m, and other investments at $10.5m.
BetMakers’ per division performance
Splitting its revenue per half year, BetMakers achieved H1 earnings of $30.5m, a 10.8% growth YoY, and H2 income of $33.8m, a 306.3% improvement YoY, with its Global Tote service recording the most prominent results.
BetMakers’ Global Tote division recorded the biggest revenue share across the entire year when compared to all of the supplier’s services (H1: $16.3m, H2: $16.5m).
During H2, Global Tote signed 10-year exclusive deals with New Jersey’s Monmouth Park racecourse and Norway’s Norsk Rikstoto, a contract with Caesars Entertainment to enter the Iowa sports betting and racing markets, as well as agreements with off-track businesses in Puerto Rico, Peru, Chile, and Suffolk.
BetMakers’ Global Betting Services unit was next in terms of revenue across the year (H1: $12.6m, H2: $16.1m), adding eight new clients during H2 to reach 18 Australian market customers.
Finally, BetMakers’ Global Racing Network revenue across the year was as follows – H1: $2.3m, H2: $1.8m.
During H2, Global Racing Network signed a 15-year exclusive agreement with Monmouth Park and the New Jersey Thoroughbred Horsemen Association, partnered with Penn National Gaming to support the firm’s operations outside of the US and Canada, and enhanced integrations with UK and EU operators.
Looking ahead, BetMakers plans to launch its Global Tote Hub to ‘drive connecting existing and new tote customers’, continue the rollout of BetLine terminal hardware and technology in the US and new markets, and integrate Global Racing Network content.
For the Global Racing Network, BetMakers is looking to expand the New Jersey of fixed odds, deploy proprietary racing integrity and reporting platforms into new global racing jurisdictions, and export more than 12,000 races into the international markets for US partners such as Penn, Monmouth Park, Kentucky Downs, and Century Downs.
For its Global Betting Services, BetMakers aims to onboard nine more platform operators in H1 FY23, as well as expand its Next Generation software into the US market, and launch an NTD platform in Australia using the Next Generation digital wagering platform.