BetMakers achieves almost €60 million revenue, cuts EBITDA loss for FY2024??

Jenny Ortiz September 3, 2024

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BetMakers achieves almost €60 million revenue, cuts EBITDA loss for FY2024??

Australian firm BetMakers has reported a revenue of AUD95.2 million (€58.4 million) for the fiscal year ending June 30, 2024. In a press release, the company attributes this performance to its ongoing global expansion efforts.??

The Global Tote division, active in more than 35 countries, played a crucial role, generating AUD54.8 million (€33.6 million), which accounted for 58 percent of BetMakers’ total revenue. This marked a 3 percent increase compared to the previous year.

Reduction in EBITDA loss

BetMakers also reduced its adjusted EBITDA loss, which fell 74 percent year-over-year to AUD7.2 million (€4.4 million). This improvement was largely due to a comprehensive restructuring program aimed at optimising the company’s cost structure.

Executive Chair Matt Davey described FY24 as “a pivotal year for BetMakers in building the foundations that will enable us to deliver sustainable profit and long-term growth.” He highlighted that the restructuring efforts have “significantly reduced our cost base as we enter FY25.”

Next Gen platform set to launch

In addition to restructuring, BetMakers has been enhancing its technology and product offerings. The company is in the final stages of developing its Next Gen platform, set to launch in Q1 FY25. ??

Davey expressed optimism about the platform’s potential, stating, “We expect Next Gen to deliver improved operational efficiencies and an enhanced user experience, with benefits to be realized from FY25.” The platform is expected to improve operational speed and user experience, particularly benefiting customers using BetMakers’ fixed odds managed trading services in the Australian market, which has been experiencing soft trading conditions.??

Strategic partnerships and leadership changes

FY2024 also saw BetMakers expanding its market presence through strategic partnerships. The company signed a two-year agreement with bet365 to enhance its foothold in the U.S. market. Furthermore, BetMakers reached a deal with Kambi to provide fixed odds platforms and global racing data services across various European jurisdictions. To support its growth strategy, the company appointed Carl Henschke as the new CFO in June.

Technology investments and cost management

BetMakers CEO Jake Henson emphasised the company’s focus on cost reduction and technological investments. “BetMakers has worked diligently to further reduce and normalize the cost base in FY24, whilst continuing to invest in technology and grow the business,” Henson noted. He believes these efforts will position BetMakers strongly for future growth opportunities in international markets, as well as enhance the experience for existing customers.?

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