BetMakers Technology Group, a leading international provider of business-to-business betting technology, content data, services, and solutions, recently released its unaudited Q2 FY24 report, detailing its performance for the three months ended December 31, 2023.

During this period, BetMakers reported strong revenue of AU$25.1 million ($16.4 million), marking a 10% increase compared to the same period in 2022. The company attributed this growth to an increase in the number of new customers. Additionally, cash receipts for the period reached AU$26.5 million ($17.3 million), showing an 8% increase compared to Q1 FY24.

The report also revealed that BetMakers’ underlying EBITDA loss for Q2 FY24 was AU$1.2 million ($782,000), a substantial improvement from the AU$9.1 million ($5.9 million) loss in Q2 FY23. According to the company, this result has moved them “closer to profitability.”

Matt Davey, BetMakers’ executive chair, emphasized the company’s operational strategy focused on profitability and reducing operating expenses. He highlighted the importance of partnerships and deals signed during the trading period, foreseeing their contribution to BetMakers’ expansion.

Davey also spoke about the restructuring of the company’s operations into two segments: Global Tote and Global Betting Services, simplifying the business and making it more efficient. He expressed satisfaction with the signing of new customer agreements and the extension of contracts with key partners.

Notably, BetMakers renewed agreements with ZeTurf in the Netherlands and the Meadowlands in New Jersey, as well as with PointsBet in Australia and William Hill in the UK. The company also formed a new partnership with Malaysia’s Selangor Turf Club and signed other important agreements during the period. These restructuring and renewing of agreements are expected to fuel the company’s growth in the future.

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