The Australian group has put pen to paper on a share purchase agreement to take over Punting Form’s owner, ABettorEdge.
By acquiring the company, BetMakers believes it will strengthen its position as a provider of B2B data and technology, specifically within horseracing.
Punting Form “uses proprietary IP and artificial intelligence to create sectional times and benchmarks for horseracing,” said BetMakers, which are used for “time-based ratings systems.”
The former’s data and services will be integrated across all BetMakers’ operating divisions, but there will be an “immediate focus” on Managed Trading Services.
Additionally, Punting Form will expand the current services to include “sectional time ratings” for North America and other jurisdictions, including New Zealand, the UK and Ireland.
“Sectional times are at the forefront of any ratings system and required by any serious ratings engine,” said Todd Buckingham, BetMakers CEO.
“The synergies across our business are exceptional with both internal use and our external client base benefiting greatly from this acquisition.
“The team at Punting Form are very experienced in delivering B2B wagering solutions and we are excited to have them on board at BetMakers.”
The vendors of Punting Form, JJ Ventures Limited and Hkelly Holdings, will be paid an initial consideration of AU$3m (US$1.9m) by BetMakers.
There is also potential for a further AU$17m earn-out, “achievable over the next three years on the delivery of operational, revenue and profitability targets.”
Punting Form will become part of BetMakers’ Global Betting Services division.