BetMakers' $6m Waterhouse deal
BetMakers had a rollercoaster day on Friday after the wagering technology business updated the market on its partnership with the Waterhouse Group. BetMakers provide data and technology for two significant wagering products – tomwaterhouse.com betting application and MTS Global.
Revenues received by the company during the period exceeded $6.2 million, and as a result, Waterhouse VC elected to exercise 34 million options immediately with an exercise price of 18 cents per share. These shares are now worth $34 million.
BetMakers provides technology, data and services for the tomwaterhouse.com betting application which is offered to its 80,000 members and designed for dual purposes of offering punters access to Australian bookmakers, delivering the best prices in the Australian wagering market from the one application, while at the same time providing wagering operators with a low-cost customer acquisition platform.
The second product, the B2B Managed Trading Services (MTS) is global pricing and trading desk solution for wagering operators that are looking to outsource their trading operations. It intends to allow any wagering operator to have an outsourced Waterhouse team, powered by BetMakers technology, manage day-to-day bookmaking across hundreds of races with a solution aimed to reduce costs for the operators with minimal risk. The Waterhouse Group can provide ‘Pricing and Trading’ services along with ‘Minimum Guaranteed Returns’ to wagering operators that use the B2B service.
Tom Waterhouse, CEO of Waterhouse VC, commented: “BetMakers is an attractive investment proposition in global racing, with unique access to valuable race data and bespoke pricing through their Managed Trading Service platform. Waterhouse VC is delighted to convert its first tranche of Performance Rights to provide further funding to this exciting business. We look forward to our ongoing relationship with BetMakers over the years to come.”
While BetMakers CEO, Todd Buckingham commented: “As a result of the company’s exceptional performance over the period, we’re extremely pleased to be able to issue Waterhouse VC with the first tranche of Shares. The deal with the Waterhouse Group not only contributed to BetMakers’ growth revenues over the past year but also has helped BetMakers develop these unique products and establish itself as one of the leading B2B technology providers for the racing industry.”