Announced in January, the cost base reduction and global efficiencies programme launched with the news of several senior management changes.
These included Todd Buckingham stepping down as chief executive to take on the new role of chief growth officer. Jake Henson was appointed as its new CEO to replace Buckingham.
Matt Davey was also appointed to the provider’s board as president and executive chairman.
These core changes were made, BetMakers said, to enable the optimisation of the provider in order to reach its full potential. Over the past four months, BetMakers undertook a wide-ranging operational review in line with the initiative.
This led to the normalisation of annualised staff and operating overheads of the business being reduced to AU$70.0m (£36.7m/€42.5m/US$45.5m) from $91.5m. BetMakers also noted its total number of employees is expected to fall from 568 at the end of 2022 to 440 by the start of 2024.
BetMakers said the drop in cost was primarily driven by restructuring of global operations and technology. This was made possible by streamlining and consolidating key software offerings and leveraging technology monitoring and reporting capabilities.
In addition, the provider said that the total cost of executing the global efficiencies programme is expected to be between $2.0m and $2.5m.
“The company’s cost base has been reset on the back of the deployment of proprietary technology and a strategic review of our operating model,” Henson said. “BetMakers is committed to providing long-term value to shareholders and this restructuring is an essential step towards achieving that goal.
“The changes made aim to provide the business with a clear path to profitability while also providing a more streamlined operating structure to maximise future growth opportunities.
“For our customers, who are at the core of our value creation process, we are committed to delivering best- in-class levels of service and quality. The investments in our technology and the extended rollout of our platforms and products into all regions both domestically and globally will support this ongoing commitment.”
Executive chairman Davey added: “As detailed when we presented our Q2 FY23 results, and reiterated in our Q3 FY23 announcement, the company is focused on delivering operational efficiencies, simplifying our global operating model and positioning the company for profitable growth.
“Management and our global team have delivered on this promise and we now expect the company to be well positioned to drive operating leverage as we expand our revenue base.
“Importantly, this restructure will allow increased focus on our core platform and products, improving the benefits and value we can deliver to our domestic and international customers.”