BetMakers’ revenue quadruples in FY22 ahead of News Corp launch

During the year, the operator geared up for a number of key launches, the most notable being providing its technology for media giant News Corp Australia’s new wagering venture.

The agreement, which was finalised in April, will see BetMakers’ OM Apps subsidiary deploy B2B technology and wagering to NTD Pty, which involves News Corp and Tekkorp Capital.

That agreement follows notable launches in the US recently. Earlier this year, BetMakers extended its partnership with New Jersey’s Monmouth Park and the New Jersey Thoroughbred Horsemen’s Association ahead of the launch of fixed-odds wagering in the state.

Cash receipts from customers were AU$93.4m for the year, up by 325%.

Staff costs, including contractor and recruitment costs, were the highest expense for the year, at $48.6m.

Product manufacturing and operating costs were AU$26.6m, AU$1.4m of which related to rolling out fixed-odds wagering in New Jersey.

Administrative and corporate costs came to AU$15.9m. The remaining AU$4.6m was made up of paid income taxes, advertising and marketing costs, leased assets costs and other costs.

This left the business with an operating loss of AU$1.6m.

The business also revealed that it spent AU$15.0m on investment activities related to the News Corp launch.

Cash and cash equivalents at the beginning of the quarter were AU$107.7m. After spending $21.0m on investment activities, and with small gains from operating activities and exchange rate movement, the total cash equivalents at the end of the period was AU$87.5m.