BetMakers’ revenue for FY22 is AU$96.1 million – up by 368.1% compared to the year before. The betting company has had a big year and has launched or will soon unveil some key products.
The most prominent is the deal with News Corp Australia under which BetMakers will provide the soon-to-be-launched bookmaker with betting content and technology. However, the company has also finalized several US launches, including fixed-odds wagering in New Jersey.
BetMakers Invested AU$15 Million in News Corp Australia
The BetMakers – News Corp Australia agreement was signed a few months ago in April. Under the deal, BetMakers will provide B2B technology services to NTD, the name of the new Australian betting operator formed by News Corp and Tekkorp Capital.
In its 2022 financial year report, BetMakers revealed that AU$15 million were spent on activities and investments related to the launch of the News Corp bookmaker.
Fixed-Odds Betting in New Jersey
BetMakers is also working on increasing its US presence. In January, BetMakers extended its collaboration with Monmouth Park and the New Jersey Thoroughbred Horsemen’s Association from 10 to 15 years ahead of the much-anticipated launch of fixed-odds betting in the Garden State.
New Jersey launched fixed-odds betting in May and BetMakers provided New Jersey sportsbook apps with its fixed-odds content via its Global Racing Network division.
AU$93.4 Million Cash from Customers
As BetMakers has been getting ready for several key launches in Australia and internationally, the company’s financial results for the year ending June 30 have been quite impressive. Customer cash receipts were at AU$93.4 million, up by an amazing 325%.
In terms of costs, at AU$48.6 million, staff costs, including recruitment and contractor expenses, represented BetMakers’ biggest outlay.
Operating costs were at AU$26.6 million. AU$1.4 million of these were on the launch of fixed-odds wagering in New Jersey. Corporate and administrative costs were at AU$15.9 million. AU$4.6 million went to marketing and advertising costs, income taxes, leases, and other expenses.
The total cash and cash equivalents were AU$107.7 million at the beginning of the quarter. However, after BetMakers invested AU$21 million, and after some minor gains from the company’s operations, the cash equivalents at the end of the quarter were AU$87.5 million.
