BetMakers CEO optimistic as revenue rockets after Sportech acquisition
BetMakers chief executive Todd Buckingham said the business is now “unquestionably robust and independent of any single contract or strategy”, following rapid revenue growth in 2021-22, aided by the acquisition of Sportech’s global tote arm.
The business brought in AU$91.7m in revenue during the year ended 30 June, though its losses also increased following the deal.
Global betting services – which previously made up the vast majority of BetMakers’ revenue – brought in AU$19.5m, up by 179.3%.
However, with acquisition-driven growth in other segments, it was no longer the leading revenue generator for the business.
Instead, the global tote arm – acquired from Sportech last year – was the new leader. Tote revenue was AU$46.9m, up from just AU$1.7m a year earlier as the acquisition closed in the final weeks of 2020-21.
The BetMakers global racing network brought in AU$4.1m, up by 28%.
Costs of goods sold also increased, but more slowly, from AU$9.3m to AU$25.4m, resulting in a gross..