BetMakers secures $75m investment to expand B2B capabilities18th February 2021 10:36 am GMT
Sydney-listed Betmakers Technology Group has secured a AUD$75m investment to accelerate its B2B sports betting strategy.
Betmakers has entered into an agreement with former Sportsbet and BetEasy founder Matt Tripp, who will assist the company with its B2B expansion and acquire $25m of new BetMakers shares.
In addition to potential opportunities for BetMakers to provide B2B services in the Australian sports betting market, the company is also looking at opportunities in the United States, where it will leverage its acquisition of Sportech’s tote and digital business.
The company has also received firm investment commitments of $50m cornerstoned by several existing, supportive institutions.
Following completion of the capital raising and the transaction with Sportech, the company will have approximately $110m in cash on hand.
"We are thrilled to have secured Matt Tripp's backing, both in the form a significant investment in the company and also as a key advisor on strategic and transformational deals that he will now pursue,” said BetMakers CEO Todd Buckingham. “Matt has a proven track record over a brilliant career in the online wagering industry and his support for BetMakers is a great vote of confidence in our company.”
Tripp commented: “BetMakers has cemented itself with a compelling proposition in the global racing wagering market. They have built a formidable team with a highly trusted brand and established a global footprint with a large customer base.
“I am delighted to invest into the company and take on a role to assist in growing the business at scale globally. I see clear opportunities to support that growth through inorganic and organic deals both in Australia and internationally.”
BetMakers also confirmed that CEO Todd Buckingham has agreed a new deal to remain as CEO until 30 June 2024.
"Todd has delivered outstanding growth and opportunity for the company through his leadership and vision and the Board is delighted to have secured his commitment under agreeable terms going forward,” said BetMakers chairman Nick Chan.
Buckingham added: “Through the support of the board and the world-class team we have at BetMakers I am pleased to be in a position where the next exciting phase of growth can be delivered for the Company and its shareholders.”
Shares in Betmakers Technology Group Ltd. (ASX:BET) closed 4 per cent higher at AUD$1.04 per share in Sydney Thursday, having set a new 52-week high of $1.08 per share a day earlier.