BetMakers Technology Group has announced its financial results for the 12 months ended June 30. revealing that the company is approaching profitability.
Adjusted EBITDA loss was reduced to -$7.2m from -$27.8m in FY23 (a 74 per cent reduction). Operating expenses of $65.3m were down by 26 per cent with material reductions in both staff costs (down 29 per cent) and overheads (down 16 per cent).
FY24 revenues were $95.2m ($88.8m ex-betr) with Global Tote up three per cent and GBS down 3.3 per cent. Growth efforts were focused on high margin scalable products and international markets.
Executive chair Matt Davey said, “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 programme 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.
“We are excited about the development of the Next Gen platform and that the final stages will go live in Q1FY25. We expect Next Gen to deliver improved operational efficiencies and an enhanced user experience, with benefits to be realised from FY25.
"In the Australian market, where soft trading conditions have remained, BetMakers’ fixed odds managed trading services’ customers will benefit from increased speed, an upgraded user experience and a host of new features from Next Gen.
“Our Tote business continues to perform strongly and is an important part of our streamlined model. With pool betting still representing over 70 per cent of regulated betting on horse racing, we see it as an essential part of the product mix for suppliers in the industry and one that represents a significant opportunity for BetMakers.”
