BetMaker’s International presence is dubbed as the major reason for the betting solution provider’s remarkable revenue gain and growth. It is noteworthy that the company recorded a revenue of AU$95.2m/£49.1m/€54.8m/$64.7m in its 2024 financial year.
In comparison to 2023’s financial year, BetMaker gained an additional AU$200,000. This increase may have resulted from the supplier readjusting from its EBITDA loss by slashing its running costs.
Most of BetMakers’ revenue is from the Global Tote Division. The Global Tote Division’s presence in over 35 countries supports the idea that the provider’s International presence drove the recent growth. Of the AU$95.2m of generated revenue, the Global Tote Division earned AU$54.8m. This income accounted for close to 60% of the entire 2024 financial year’s revenue.
Also, during the financial year 2024, BetMakers renewed contracts with 29 different operators worldwide. BetMakers may have lost its association with Betr. However, the provider continued growing thanks to its international customers. BetMakers’ domestic presence was seen as more of a debacle than an upliftment in terms of revenue generation.
In its 2024 financial year, BetMakers signed a two-year contract with Bet365 on the distribution of horse racing betting solutions to customers in the United States, specifically New Jersey and Colorado. Also, the Caesars Entertainment company has launched the BetMakers Tote solution across 22 of its locations in Nevada, Iowa, and Nebraska.
Another achievement for BetMakers is providing racing bet services to the SportX Platform, owned by the gaming Innovation Group. This integration was through Kambi’s bookmaker. All of these actions have contributed significantly towards BetMakers’ revenue growth in its 2024 financial year.
How Cutting Costs Contributed to Revenue Growth
Matt Davey, the executive chairman at BetMakers, mentioned that reducing costs has had a positive influence on the company’s restructuring process.
So far, BetMakers has reduced its workforce count from 456 to 414. So, therefore, the supplier’s cost of operation went from AU$88.2m to AU$63.5m. There was a 26% drop worth up to AU$19m. There was also a sharp drop of up to 74% in depreciation and amortization losses from 2023’s financial year from AU$27.8m to AU$7.2m.
After factoring in all costs, BetMakers saw only AU$38.7 million loss after tax, which is an improvement from the one they last recorded.
BetMakers’ Plan for the Future
The supplier will look to strengthen its international connection for the financial year 2025. Global Tote Division is set to enter the Norwegian Market in the second quarter of 2025’s financial year, and BetMakers will also be looking to enter the Chile gambling market.
Global Tote will replace Norsk Rikstoto, the sole horse racing bet solution provider in Norway. The Global Tote solution will now cover all Norwegian thoroughbred and harness race bets.
BetMakers plans to invest more in technology for the financial quarters of 2025. The supplier plans to wrap up the rebuild of Next Gen, its main technology. This reinvention will reduce cloud costs and improve efficiency.
Matt Davey expects the new version of Next Gen to deliver heightened efficiencies and improved user experience. He mentioned that:
“We are excited about the development of the Next Gen platform and that the final stages will go live in Q1 FY25.”
He further mentioned:
“We expect Next Gen to deliver improved operational efficiencies and an enhanced user experience, with benefits to be realized from FY25.”
BetMakers expect Next Gen to go live in the first quarter of 2025’s financial year. The aim is to decrease the cost of operation by 16% and improve on the revenue growth from 2025.
