The global betting sector, active in over 35 countries, played a crucial role, generating AUD 54.8 million (EUR 33.6 million) in revenue, accounting for 58% of BetMakers' total revenue. This represents a growth of 3% compared to the previous year.
EBITDA Loss Reduction
BetMakers also reduced its adjusted EBITDA loss, which decreased by 74% year-over-year to AUD 7.2 million (EUR 4.4 million). This improvement was mainly due to a comprehensive restructuring plan aimed at optimizing the company's cost structure.
Executive Chairman Matt Davey described the fiscal year 2024 as "a pivotal year for BetMakers to lay the foundations that will enable us to achieve sustainable profitability and long-term growth." He emphasized that the restructuring work "significantly reduced our cost base as we enter the fiscal year 2025."
Next Generation Platform Launching Soon
In addition to restructuring, BetMakers has been enhancing its technology and product offerings. The company is in the final stages of developing the Next Gen platform, expected to launch in the first quarter of fiscal year 2025.
Davey is optimistic about the potential of the platform, stating: "We expect Next Gen to deliver higher operational efficiency and a better user experience, starting to generate returns from fiscal year 2025." The platform is expected to improve operational speed and user experience, particularly benefiting customers in Australia using BetMakers' fixed odds management trading services under challenging market conditions.
Strategic Partnerships and Leadership Changes
In fiscal year 2024, BetMakers also expanded its market influence through strategic partnerships. The company signed a two-year agreement with bet365 to strengthen its foothold in the US market. Additionally, BetMakers reached an agreement with Kambi to provide fixed odds platforms and global horse racing data services across various European jurisdictions. To support its growth strategy, the company appointed Carl Henschke as the new Chief Financial Officer in June.
Technology Investments and Cost Management
BetMakers CEO Jake Henson emphasized the company's focus on reducing costs and investing in technology. "BetMakers has been working hard to further reduce and standardize the cost base for fiscal year 2024, while continuing to invest in technology and grow the business," Henson noted. He believes these efforts will lay a solid foundation for BetMakers' future growth opportunities in international markets and enhance the experience for existing customers.
