BetMakers experienced a significant surge in revenue in the second quarter of the fiscal year, with an increase of 10.0% to AU$25.1m. The company attributes this growth to securing new customers and renewing contracts with existing clients. This includes major clients such as the Selangor Turf Club in Malaysia, the Argentina Jockey Club, Meadowlands in New Jersey, and ZeTurf in the Netherlands. Additionally, the company’s digital division renewed with William Hill UK and PointsBet Australia, further contributing to the revenue rise.
In addition to the revenue growth, BetMakers saw a reduction in its underlying EBITDA loss. This was achieved through the implementation of a cost reduction strategy aimed at lowering operating expenses across the business. The company streamlined its operating model to focus on two key segments: Global Betting Services and Global Tote, resulting in a more effective and efficient way to manage and report on the business.
The company’s financial performance for the quarter also revealed a 10.0% increase in revenue year-on-year, as well as a 6.3% increase in gross profit. Despite an increase in costs of goods sold, the company was able to reduce staff expenses and other operating spend, resulting in a significant decrease in underlying EBITDA loss compared to the previous year.
Looking ahead, BetMakers remains committed to optimizing its cost base and achieving positive underlying EBITDA and operational cash flows. CEO Jake Henson emphasized that the company will continue to focus on achieving sustainable growth and operational excellence as it moves forward.
Overall, BetMakers’ strong performance in the second quarter and its focus on cost reduction and operational efficiency position the company for future growth and success.