BetMakers has released an update on its cost base reduction and global efficiency programme, which is expected to produce substantial operating overhead reductions and savings across the business in the future.
To facilitate the business's efficiency and maximise its potential, the company has undertaken many Board and management changes. This will result in a loss of a number of jobs.
Nick Chan, Non-Executive Director, in a statement, said: “These changes are designed to affect a strategic reset of the business with a clear focus on operational discipline, specifically a return to positive cashflows, cost efficiency and optimal capital management.”
The updates include normalisation of annualised employees and a 23% decrease in operating costs from $91.5m in the first half of FY2023, to about $70m (unaudited) in the first quarter of FY2024. The cost reduction is mainly the result of the restructuring of global operations and technology.
Additionally, the total number of employees is expected to decline by 23% to about 440 in Q1 FY2024 from 568 as of 31 December 2022. The global efficiency programme is projected to cost between $2.0m and $2.5m to implement.
Jake Henson, BetMakers CEO, said: “The Company’s cost base has been reset on the back of the deployment of proprietary technology and a strategic review of our operating model. The investments in our technology and the extended rollout of our platforms and products into all regions both domestically and globally will support this ongoing commitment.”
Matt Davey, BetMakers Executive Chairman, stated: “The company is focused on delivering operational efficiencies, simplifying our global operating model and positioning the company for profitable growth.
“This restructure will allow increased focus on our core platform and products, improving the benefits and value we can deliver to our domestic and international customers.”
Recently, betting service Kwiff extended its partnership with BetMakers Technology Group for its horseracing and greyhound services.
