Fundamentally, it was a transformative year for the Company.
Revenues increased from
This growth, achieved with a positive adjusted EBITDA margin, came from executing on strategic planning, in particular: new long-term commercial contracts; development and implementation of new products; organic growth; and acquisitions of assets that have expanded the Company's global operations.
FY22 was the Company's first full year of operation since the completion of the
The Company has offices in 11 locations around the world. It is represented by a skilled and diverse staff of more than 500 people.
The calibre of the Company's international workforce is highly respected, and I am particularly pleased by the integration of business units operating in vast geographies across the world. Our people have been remarkably resilient and adaptable during restrictions of a global pandemic and other challenges.
Collectively, across the Company's three key revenue divisions - Global Betting Services, Global Racing Network and Global Tote - it is the people and products of
I would also like to highlight that as a fast-growth company expanding into new regions,
This included updated systems and controls (including redundancies and contingencies) for security and compliance. In establishing best-in-class standards, such as obtaining the global benchmark ISO27001 certification, it has positioned the Company to fully capitalise on these investments.
In line with this growth trajectory, the fundamentals of the business remain stronger than ever and the strategic direction of the Company to deliver on previous deals and capitalise on ever-increasing global opportunities in the wagering landscape is unchanged.
The board and management acknowledge that FY22 presented challenging market conditions for shareholders in relation to the Company's share price.
We accept that at a macro level there has been a global pullback in technology growth stock valuations, however we do not believe that the share price performance of
The Company is aware of short selling of its shares. The access to stock to be shorted has been a surprise given the fundamental performance of the Company and the beliefs of the board and management who are heavily invested and aligned to its success.
The management team and board of directors will continue to focus on the fundamental revenue drivers of the business and execution of outcomes that deliver results for shareholders.
FINANCIAL PERFORMANCE
The Company reported revenues of
The growth was largely driven by the following factors: the expansion of the Company's Platform and Managed Trading Services (MTS) offering under the Global Betting Services division; the expansion of content distribution rights and delivery to licensed wagering operators under its Global Racing Network division; and the full-year recognition of revenues associated with the acquisition of the racing and digital assets acquired from
PEOPLE
In FY22,
The culmination of this growth in talented people across global geographies has given the Company the ability to successfully execute on the foundations that have been built - and the contracts that have been executed - over the past number of years.
Key appointments for FY22 included the addition of two new Board members,
During the year, the Company appointed former Caesars Entertainment senior executive Christian Stuart to the key role of Chief Executive Officer of
In addition,
KEY CONTRACTS
Throughout FY22,
Some of those key contracts include:
- Executed agreement to be the exclusive technology provider to the NTD consortium for the Betr platform, with potential revenues in excess of
- Launched 12 additional platforms in the Australian market;
- Executed a further 8 platform agreements across
- Executed an amended agreement with the
- Expanded our North American content to more than 12,000 races annually to distribute into international jurisdictions and throughout
- Executed a binding Heads of Agreement to become the exclusive provider of pari-mutuel betting racing services to
- Selected as the new tote and technology and services provider for the country of
- Extended Parimutuel services agreement with
- In
The launch of Betr into the Australian market has been very successful, onboarding some 300,000 sign-ups. The platform withstood a substantial volume of traffic with a peak of more than 8,000 bets per minute during the spring carnival.
The Company is well capitalised with
The investment into Betr and other initiatives caused
As such we are strongly positioned to meet future cash flow requirements including current acquisitions, capex and organic investment required in the business.
We have also invested heavily into our cybersecurity, ISO27001 certification, regulatory frameworks and procedures, and of course into our people. This has been a true transformation for the company and a significant investment but positions us as a world-class player in a rapidly growing global industry.
The management and Board are focused on executing the Company strategy and realising the multiple growth opportunities our unique set of assets provide.
The financial year closed with confidence, enthusiasm, and substantial upside as the Company was placed to reap the rewards from the successful exploitation of
We would not be in this position without the valued support of our shareholders, our dedicated board, and every individual staff member globally, and for that we are truly thankful.
Managing Director of
About
Contact:
Company Secretary
E: companysecretary@thebetmakers.com
M: + 61-409-083-780
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E: investors@thebetmakers.com
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