Q2 FY23 Quarterly Activities Report
Sydney, Jan 31, 2023 AEST (ABN Newswire) - The Board of BetMakers Technology Group Ltd (
ASX:BET) (TPBTF:OTCMKTS) is pleased to release its Quarterly Cash Flow Statement and Quarterly Activities Report for Q2 FY23, the quarter ending 31 December 2022.
The quarter marked one of significant operational progress for the Company, as it launched the betr platform and navigated its largest ever Spring Racing Carnival. In addition, the Company delivered its largest ever quarterly receipts from customers of $26.9m (a 13% increase versus Q1 FY23, and 9% increase versus Q2 FY22), and made progress in new business areas such as the launch of the Global Tote Hub.
The Company invested heavily during the last two quarters on its platforms and international expansion.
After delivering a positive normalised EBITDA in FY22 from a strong growth in revenues of $91.7m (+300%), the Company notes that the investment made in growth opportunities during 1HFY23 is expected to result in negative earnings for FY23. The Company believes that the investment made over the last six months puts it in a stronger position to deliver the next phase of growth, both in revenue and earnings.
In 2HFY23, management will focus on reducing and normalising the cost base, aiming to deliver positive operational cash flows in 2HFY23 and set the business up to deliver earnings growth in FY24.
Quarterly highlights:
- $26.9m in cash receipts in Q2 FY23 is +13% versus Q1 FY23 and +9% versus Q2 FY22
- New NextGen proprietary wagering platform successfully launched for betr during the Spring Carnival period
- Successful launch of Global Tote Hub
- Acquisition of Punting Form
- Deal completed for distribution of racing.com and GRNSW vision in Australia
- Launch of international Fixed Odds in Jamaica through Caymanas Park
- Achieved ISO27001 Certification
- Winner of the Deloitte Australia's 2022 Tech Fast 50 Leadership Award
- Closing cash balance of $61.0m
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/F5T842C7
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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