Update on Tabcorp and BET's International Growth Strategy
Sydney, July 5, 2021 AEST (ABN Newswire) - BetMakers Technology Group Limited (
ASX:BET) (T07.F) has today received notification that Tabcorp Holdings Limited (ASX:TAB) has decided it will pursue a demerger strategy for its business. As a result of the engagement with Tabcorp to date, and instead of the Company progressing its previously announced (May 28, 2021) Indicative Proposal, BetMakers and Tabcorp will continue discussions in relation to commercial opportunities in international markets.
These discussions are consistent with BetMakers' plans to be the leading provider of B2B services to wagering operators around the world. The Company's international growth plans have accelerated in recent weeks following the respective announcements of Fixed Odds progress through the New Jersey legislature and completion of the acquisition of Sportech's international tote and digital racing assets.
BetMakers Chief Executive Officer Todd Buckingham said:
"Having received clarity from Tabcorp regarding the planned direction for its Wagering and Media business, BetMakers will continue discussions with Tabcorp regarding international opportunities, and we believe these opportunities have the potential to be significant.
"BetMakers remains firmly of the view that the Company's opportunities in regulated wagering jurisdictions, and in particular Australia and the United States, are a clear priority and we will continue to explore all opportunities that can accelerate or capitalise on this foundation."
In relation to recent developments in the United States and the Company's international opportunities, the Company would like to reaffirm its recent announcements:
Fixed Odds betting on Horse Racing in United States
Fixed Odds Bill has now progressed through both the New Jersey Senate and General Assembly and has be sent to NJ Governor for approval.
BetMakers has an exclusive 10-year Fixed Odds agreement on thoroughbred horse racing in New Jersey.
BetMakers' Managed Trading Services division will manage Fixed Odds betting at Monmouth Park racecourse, at Off Track Betting shops and on digital platforms within New Jersey for Monmouth Park.
PointsBet New Jersey Inc., a subsidiary of PointsBet Holdings Ltd (ASX:PBH), has appointed BetMakers as its exclusive supplier of Fixed Odds betting on Horse Racing within New Jersey.
Completion of Acquisition of Sportech racing and digital assets
As previously announced to the ASX on 1 December 2020 and 18 June 2021, the Sportech business assets acquired by BetMakers from Sportech PLC comprise the following:
- Americas Tote Business: providing betting solutions, hardware, and operational services to over 200 racetrack, casino, and betting venues across the United States, Canada and Latin America.
- Americas Digital Business: providing white-label digital betting solutions to more than 25 customers in North America.
- UK and European Tote Business: providing betting technology, parimutuel and co- mingling services to more than 35 customers across the UK, Ireland, Europe, and Asia.
- Quantum Tote Technology: a world-leading tote betting engine currently used internationally and including for events such as the Breeders Cup and Royal Ascot race meetings.
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
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