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BETMAKERS TECHNOLOGY GROUP LTD — AGM Information 2023
Nov 29, 2023
64512_rns_2023-11-29_f68b5f36-686a-424b-9106-f3bc8ff9cad4.pdf
AGM Information
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BETMAKERS TECHNOLOGY GROUP LTD ACN 164 521 395 Phone: 1300 208 849 189 Flinders Lane Melbourne 3000, VIC
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CEO ADDRESS TO ANNUAL GENERAL MEETING
To my fellow shareholders,
Fiscal year 2023 was a year of complex challenges and hard-won progress. For me personally, it involved stepping into the CEO chair in February of 2023. With that came a clear direction from incoming Executive Chairman, Matt Davey, about what the business - and I as new CEO - needed to focus on for the remainder of the year and heading into 2024.
It is this focus that has driven BetMakers to recognise that, after a sustained period of growth, it was necessary to tighten up our overall cost base, increase operational efficiency, and position the business for the next phase of growth in a sustainable way.
The team and I have been laser focused on this throughout the year, executing changes in a way and at a pace that have allowed us to make significant progress, while at the same time ensuring that there has been no impact to the level of engagement with our customers.
BetMakers is a pure technology company driven by simplifying challenges for our customers and our customers’ customers. We operate as a B2B supplier in the wagering, racing, and sports industries, globally, and are relied upon by racing bodies, wagering operators, professional punters, and regulators alike. In servicing these domestic and international clients, BetMakers has developed new tech platform and data delivery opportunities. These are scalable, as proprietary in-house products, to leverage higher-margin performances of BetMakers’ existing clients and unlock new opportunities.
Completing a significant cost restructuring while simultaneously improving our product offering, resigning key customers, and moving forward with a global technology upgrade – including new platforms - are achievements that will hold us in very good stead for years to come.
Since last addressing shareholders at the end of August this year, BetMakers signed or extended a number of contracts with key clients from across the global business including PENN Entertainment, TonyBet, Selangor Turf Club, PointsBet Australia, William Hill, Hawthorne Race Course, The Meadowlands in New Jersey, and ZeTurf in the Netherlands. This is a terrific endorsement of our products and the direction the business is heading in.
On the product front, the Company increased our deployment of new BetLine wagering terminals in North America, upgraded our Price Manager pricing creation engine for global bookmaker clients, and on boarded key Global Tote clients in Europe and Asia to our new Global Tote customer support portal, allowing us to deliver comprehensive, dynamic support services from a newly centralized support operation in Sri Lanka.
BetMakers’ DNA is that of innovators; we develop cutting-edge technology products to evolve the industries that we operate within. This is something that I am passionate about preserving and I very much look forward to updating you, our shareholders, about even more initiatives in this area over the next 12 months.
People and Culture
189 Flinders Lane, Melbourne 3000, VIC
betmakers.com
BETMAKERS TECHNOLOGY GROUP LTD ACN 164 521 395 Phone: 1300 208 849 189 Flinders Lane Melbourne 3000, VIC
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Our team is the beating heart of what we do and where we are heading at BetMakers. I want to thank all team members for their efforts, always, but especially over the past 12 months.
I am pleased to congratulate Chelsey Abbott on her promotion to Chief People Officer and Martin Tripp on his move to the Chief Operating Officer position.
I would like to thank Matt Davey for his leadership and guidance in the President and Executive Chairman role. I also wish to thank former BetMakers’ Chairman Nick Chan, who recently stepped down from the Board. On behalf of BetMakers, I wish Nick all the best with his next challenge in California and also thank him for his service, which dates back to the pre-IPO period of the business.
As a result of the continued strategic review and cost reduction, Company headcount today is 424. This is a 25% reduction from the high of 568 employees at 31 December 2022, and a reduction of 7% since June 30, 2023. We have also reduced our office location footprint, consolidating from a high mark of 11 to a total of nine located in Australia, the USA, Sri Lanka, and Europe.
The changes in headcount and office requirements resulted largely from the strategic harnessing of technologies - for example, more reliable wagering devices and new terminal monitoring tools - and the restructuring of our global operations. They position us to continue to deliver reliable services and drive client satisfaction while streamlining our operation.
The cost base for current opportunities is trending downward, toward targeted levels. It is vitally important that, when new opportunities arise, we scale our cost base responsibly. The “Next Gen” digital platform and a more streamlined and scalable operational business model are crucial to this.
Our teams remain focused on completing the Next Gen platform in order to harness a single global focus for all platform clients, a localised front end experience for end user customers across product lines, and localised back office capabilities for all client users. Bringing all of BetMakers’ bookmaker platforms, U.S advance deposit wagering platforms, terminal platforms, and mobile platforms to a single global technology solution will be a game changer for BetMakers – improving cost efficiencies, creating opportunities for growth, and enhancing user experience – and one that we are very close to achieving. This key project is well underway, and we look forward to updating the market during 2024.
Looking to 2024
Our FY2023-24 journey to return to profitability will elevate our position going forward as we call upon all of the experience and learnings we have gained to ensure that the next wave of BetMakers’ growth is the most exciting and fulfilling yet.
In FY2024 we intend to renew valuable client contracts and will continue to unlock new opportunities that have been scoped and are in progress for hopeful execution, ensuring we adhere to a disciplined and pragmatic approach in doing so. We will continue to pursue international fixed odds expansion and opportunities in new markets, including Asia and Africa. We will complete the streamlining of our platform MTS solution and consolidate racing data offerings into a single integration. Finally, with the continued deployment of the Next Gen platform, we will deliver better and more robust services, expose new growth opportunities, and drive efficiency.
The future of BetMakers is to continue on our path towards being a profitable, self-sustaining business that continues to invest in growth, technology, and our people to shape the global wagering industry.
189 Flinders Lane, Melbourne 3000, VIC
betmakers.com
BETMAKERS TECHNOLOGY GROUP LTD ACN 164 521 395 Phone: 1300 208 849 189 Flinders Lane Melbourne 3000, VIC
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It’s a future that I and the senior leadership team are really excited about. I look forward to sharing more with you over the coming year as we progress toward this future.
Thank you.
Ends
The Board authorised the release of this announcement to ASX.
For further information on the Company, please contact:
Matt Davey - Executive Chairman [email protected]
Disclaimer
The material contained in this document is a presentation of general information about the activities of BetMakers Technology Group Limited (the Company or BET) as at the date of this update. The document is not a prospectus, product disclosure statement or other o ff er document under Australian law or any other law. The information is provided in summary and does not purport to be complete. You should not rely upon it as advice for investment purposes, as it does not take into account your investment objectives, financial position or needs and does not include all information which an investor may require to assess the performance, risks, prospects or financial position of the Company. These factors should be considered, with or without professional advice, when deciding if an investment is appropriate. To the extent permitted by law, no responsibility for any loss arising in any way (including by way of negligence) from anyone acting or refraining from acting as a result of this material is accepted by the Company, including any of its related bodies corporate.
This update contains “forward-looking statements”. These can be identified by words such as “may”, “should”, ”anticipate”, “believe”, “intend”, “estimate” and “expect”. Statements which are not based on historic or current facts may be forward-looking statements. Forward-looking statements are based on assumptions regarding the Company’s financial position, business strategies, plans and objectives of management for future operations and development and the environment in which the Company will operate; and current views, expectations and beliefs as at the date they are expressed, and which are subject to various risks and uncertainties. The forward-looking statements contained within the update are not guarantees or assurances of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by the forward-looking statements. For example, the factors that are likely to affect the results of the Company include: general economic conditions in Australia and globally; exchange rates; competition in the markets in which the Company does, and will, operate; conduct of contracted counter parties; whether and climate conditions; and the inherent regulatory risks in the businesses of the Company. The forward-looking statements contained in this announcement should not be taken as implying that the assumptions on which the projections have been prepared are correct or exhaustive.
The Company disclaims any responsibility for the accuracy or completeness of the information contained in this update, including any forward-looking statement. The Company disclaims any
189 Flinders Lane, Melbourne 3000, VIC
betmakers.com
BETMAKERS TECHNOLOGY GROUP LTD ACN 164 521 395 Phone: 1300 208 849 189 Flinders Lane Melbourne 3000, VIC
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responsibility to update or revise any information in this update, including forward-looking statements to reflect any change in the Company’s financial condition, status or a ff airs or any change in the events, conditions or circumstances on which a statement is based, except as required by law. The data projections or forecasts included in this presentation have not been audited, examined or otherwise reviewed by the independent auditors of the Company. You must not place undue reliance on these forward-looking statements.
189 Flinders Lane, Melbourne 3000, VIC
betmakers.com