BetMakers’ deal with Swopstakes will see it acquire Swopstakes’ proprietary betting products, including technology and intellectual property.
In exchange, BetMakers has agreed to pay up to AUD$15m (GBP£8.1m/USD$11.3m) based on performance, plus AUD$634,750 paid today, for the Swopstakes assets.
“We have followed Swopstakes as a product for some time and have been impressed with both the concept and technology,” said Todd Buckingham, CEO of BetMakers.
“We believe there is a opportunity to adapt the product for our clients and achieve scale through integration, promotion an distribution through BetMakers’ extensive global network.”
As part of the deal with Form Cruncher, BetMakers now owns the business’ technology platform assets, websites and databases, which contain racing data such as odds and speed ratings.
BetMakers agreed to pay an initial cash amount of AUD$1m (GBP£544,895/USD$758,895) for the Form Cruncher assets, with an additional performance payment of up to AUD$1m at a later date.
“The acquisition of Form Cruncher’s racing data assets and form processing database is a valuable addition to our core business, and one that will allow us to grow our overall product offering across a global footprint,” added Buckingham.
“Leveraging BetMakers’ existing infrastructure and data, the new assets will be plugged in to our network and create wagering products and content to be monetised throughout our global suite of customers, including racing bodies, race tracks, retail and digital wagering operators.”