BetMakers reports H1 FY2022 figures: revenue reaches $31.4m
The company saw large spikes in its revenue, gross profit and adjusted EBITDA during the past six months.
BetMakers has released its H1 2022 business figures for the period ending December 31. The Australian company reported an increase of 473% in revenue from its fiscal year 2021 H1 results, generating a total of $31.4m.
Gross profit also jumped significantly during this year’s H1 period, reaching $23.1m, a 700% bump from the prior H1 period. The gross profit margin rose to 73.6%, up from 52.7% during the previous corresponding period.
Adjusted EBITDA climbed to more than $1.6m, after reporting a loss of $613,688 during 2021’s H1 period.
The company showed a loss after income tax of close to $20.3m for this period, an increase of almost four times the net loss reported during H1 2021.
BetMakers noted several significant US gains during H1 FY2022 as well. The company extended its fixed-odds and data distribution deal with Darby Development and the New Jersey Thoroughbred Horseman Association (NJTHA) from 10 years to 15 years.
As part of the deal, BetMakers became the exclusive representative of the NJTHA to enter into new relationships related to fixed-odds wagering on thoroughbred racing in New Jersey through its Global Racing Network (GRN) subsidiary.
“Fixed odds – and the certainty of price setting for the person placing the bet – has attracted a new audience of people betting on sport, and I expect this will be the case for horse racing,” said BetMaker’s North America CEO, Christian Stuart. “Having recently joined BetMakers in a key role in the US – and understanding the model that has been created for fixed odds betting on horse racing in New Jersey – I believe it presents a good opportunity for sportsbooks to add racing to their fixed odds offerings to customers.”
Stuart was named CEO during this fiscal year.
BetMakers also signed an agreement with Caesars Entertainment to become the exclusive provider of pari-mutuel betting racing services for its Nevada retail sportsbook locations.
The company plans to continue its US focus by contracting racing content for delivery in New Jersey and by contracting licensed bookmakers to deliver fixed odds racing and other services statewide.
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