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OnlineSports BettingIndustry

BetMakers’ revenue up 473% for H1 FY22

Australia’s BetMakers Technology Group has reported very strong revenue growth for H1 FY22, driven by its global tote and betting services divisions.

betmakers h1 fy22 web image

For the six-month period ended 31 December 2021, BetMakers generated AU$43.5m (US$31.4m) in revenue, up 473% from H1 FY21, while gross profit climbed by 700% to AU$32m.

Adjusted EBITDA, meanwhile, was in the black, amounting to AU$2.3m after a AU$847,000 loss for the corresponding period in FY21.

However, BetMakers reported a loss after income tax of almost AU$28m for H1 FY22, up from the prior-year period’s AU$4.4m.

Global tote drove the company’s revenue, accounting for more than AU$23.2m, as BetMakers saw several key contracts renewed, while also forging new ones during H1.

Among these were extensions to its agreements with several racing partners, including Catskill Regional OTB, Penn National Gaming, TVG, MGM Yonkers, Rillito and Monticello Raceway.

BetMakers also entered into a deal with Caesars Entertainment to provide exclusive pari-mutuel solutions for its retail sportsbooks in Nevada.

But global betting services was not far behind global tote, generating AU$18m in revenue, up 105% from H2 FY21. Combined, these two areas were responsible for nearly 95% of revenue for the six-month period, with the remaining AU$2.3m coming from BetMakers’ global racing network.

The company also provided an update regarding its position in New Jersey, where it expects to launch fixed odds betting on racing in May. In fact, BetMakers’ strategic focus concerned New Jersey to a significant degree.

The company aims to concentrate on contracting racing content for delivery in the Garden State and contract licensed New Jersey bookmakers for the delivery of fixed odds racing and related services.

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