BetMakers has acquired assets for Racelab Global, a racing wagering products and technologies supplier.
The assets in question were ProForm and Odds Engine. ProForm provides informatics and enhanced content, with the tech set believed to now complement other aspects of the BetMakers ecosystem including race day controls, form and streaming. Odds Engine, meanwhile, is set to enhance BetMakers' pricing and trading tools, increasing the accuracy of betting markets.
The acquisition totaled a consideration of AU$1.5m ($1m), though BetMakers may be able to recoup up to AU$500,000 depending on key customer activity over the next month.
The acquired technologies are expected to not only improve BetMakers' technologies and algorithms, but also provide BetMakers an opportunity to expand its harness and greyhound services, and preview racing sectors.
The acquisition will also impact BetMakers’ ongoing partnership with SIS, with SIS able to use the new technology to develop its own suite of products and services.
On the acquisition, BetMakers CEO Jake Henson said: “We are very pleased to secure this unique set of assets that hold tremendous potential for BetMakers. We have acquired technology that further broadens the capabilities of BetMakers’ racing ecosystem for both wagering operators and rights holders alike, across the globe.
“We are very confident in our ability to deliver substantial value from this acquisition and to contribute towards both revenue and earnings growth in FY25 and beyond.”
In late March, BetMakers CFO Anthony Pullin resigned from his role after working with the company for over five years. The following day, BetMakers announced a partnership with GiG, with BetMakers providing racebook services to GiG’s sportsbook platform SportX.
