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Sportsbet and Ladbrokes Reports Show 90% Rise in Revenue
RAS Technology Holdings, a data and content solutions supplier to the biggest Australian betting operators, has reported a massive year-on-year increase in revenue and growth profit.
The company that works with renowned sportsbooks like Ladbrokes, Sportsbet, Bet365, Betfair, Tabcorp, and BlueBet has reported a massive 90% increase in revenue compared to last year, and a 93% increase in growth profit for the last six months of 2021 (compared to 1H21).
Super-Fast Growth
The content and data provider was listed on the Australian Securities Exchange in November. In the Initial Public Offering, RAS Technology raised AU$11.2 million, and the biggest companies in the online wagering industry got interested.
Entain, the owner of Australian sportsbooks NEDs and Ladbrokes, purchased a significant stake in RAS Technology, and the content and data provider said that it worked with the London-listed gambling giant to “explore commercial arrangements,” as well as future product roadmaps.
RAS Technology made significant investments in commercial resources, management, and development in the last six months of 2021. It also incurred AU$1.8 million in IPO costs. As a result, EBITDA was a loss of AU$1.1 million for the same period.
However, that was to be expected considering the investments and the public listing of the company. The numbers that matter here are the 90% growth to AU$4.28 million, and the six-month gross profit of AU$3.6 million, up 93%.
International Expansion is the Goal
RAS Technology said that it completed several important initiatives after the IPO and that it expanded a commercial agreement involving XB-Net’s Race-Day Control services and the in-house Trading Manager technology. XB-Net racecourses which processes more than US$3 Billion in tote transactions every year, represents 60 racecourses and covers as many as 45,000 races in North America.
RAS Technology has also entered into a partnership agreement with Tabcorp recently via Sky Racing World, a US subsidiary of Tabcorp.
The data and content provider said that they continued expanding internationally and that 51% of their revenue came from international markets and not from Australia, a 20% increase compared to the first half of 2021. RAS Technology said that the strongest growth was in the UK and US which was in line with the company’s long-term strategy to expand internationally.
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