Davey assumes leadership of BetMakers as executive chair31st January 2023 11:00 am GMT
Sydney-listed BetMakers Technology Group has restructured its management team with the appointment of Matt Davey as president and executive chairman.
Davey, a former board member of BetMakers and a seasoned gaming industry executive, assumes leadership of the company with immediate effect, with former chief executive Todd Buckingham moving over to the newly created role of chief growth officer.
Jake Henson has been promoted to the chief executive’s office from chief operating officer, while former non-executive chairman Nick Chan will continue to serve on the board as a non-executive director.
“The board, working with management, have concluded that this restructure creates absolute clarity and focus to deliver on our growth plans for shareholders. I welcome Matt Davey back to the board and thank him for taking on the role of president and executive chairman,” said Chan. “In practical terms, these changes are designed to affect a strategic reset of the business, with a clear shift from growth to optimisation plus execution.
“This will entail an increased focus on operational disciplines, specifically a return to positive cashflows, cost efficiency, and optimal capital management. The changes will also allow the team to execute on growth opportunities, particularly international fixed odds and the Global Tote International Pools.”
The company said that the new structure recognises the fact that the revenue divisions of BetMakers are at different stages of business cycles, with the Global Betting Services division (platforms and trading) in strong growth mode, while the Global Racing Network division (fixed-odds/Global Tote) is relatively embryonic.
Commenting on his new role, Davey said: “Over the last 25 years as an executive in the industry, and through my investment company Tekkorp Capital LLC, I have had the opportunity to explore many gaming and wagering opportunities across the world. It remains clear to me that there is no better business or investment opportunity on the international stage than what the BetMakers business currently has on a global scale.
“I am delighted, after discussions with management and board members, to be re-investing my energy and time to delivering on these opportunities. I am taking on the role of president and executive chairman to work closely at a board and management level with the intention to get results for all shareholders. I have confidence in the team, I have a strong belief in the market opportunities, and I will begin with an urgency in our approach to deliver results.”
Outgoing chief executive Todd Buckingham commented: “I am especially proud to have been the founding CEO of BetMakers as we have built the company from a start up to the respected expansive global company it is today. The decision to transition from CEO to a focused delivery role on our international opportunities and growth initiatives came after an internal review to best position the company for accelerated growth and how best I could assist in capitalising on these opportunities.”
Shares in BetMakers Technology Group Ltd. (ASX:BET) closed 11.76 per cent lower at AUD$0.22 per share in Sydney Tuesday, a new 52-week low.