Provider BetMakers has unveiled its FY2024 results for the year ending 30 June 2024, highlighting an EBITDA loss reduction from AU$27.8m (US$18.8m) to AU$7.2m, alongside a marginal increase in revenue of 0.2% to AU$95.2m.
Profits, however, fell – with gross profit settling at a figure of AU$57.4m and marking a 3% decrease year-on-year in comparison to figures from FY23. Further, gross profit margin was also subject to a 3.2% decline year-on-year, falling to a figure of 60% for FY24.
Despite this, BetMakers managed to reduce its EBITDA loss by 74% over the course of the year, with the primary driver for this improvement being accredited to a sizable reduction of operating expenses, which fell from AU$88.2m in FY23 to AU$65.3m in FY24.
BetMakers Executive Chair, Matt Davey, commented on the results: "FY24 was a pivotal year for BetMakers in building the foundations that will enable us to deliver sustainable profit and long-term growth. A substantial restructuring program has now largely been completed, significantly reducing our cost base as we enter FY25. In addition, our technology and product offering continues to be enhanced, and our international operations continue to grow in profitability.”
Over the year, the provider has begun rebuilding its core technology platform and expanded its presence in the US market by signing a two-year partnership agreement with bet365.
BetMakers also reached an agreement with Kambi to provide fixed odds platform and global racing data services across multiple European jurisdictions. More recently, in June, the company appointed a new CFO in Carl Henschke.
CEO Jake Henson also spoke on the latest update, saying: “BetMakers has worked diligently to further reduce and normalise the cost base in FY24, whilst continuing to invest in technology and grow the business. The significant development in technology is expected to put is in a great position to attack the growth opportunities in international markets, whilst also benefiting our existing customer base.”
