BetMakers Technology Group completed its acquisition of Racelab Global’s assets, which is an international provider of betting products and technology.
Under the acquisition agreement, BetMakers will pay a total consideration of AU$1.5m (PS779,316/EUR910,620/US$977,501) to take ownership of the Racelab assets. There is however a clawback of up to $5000, depending on the key obligations of customers within 30 days after closing.
BetMakers stated that this deal is a “highly-strategic acquisition” for their business. The deal adds to the ecosystem race forms, statistics, and preview technology, along with proprietary fixed-odds technology.
Racelab’s assets include ProForm Informatics, enhanced content, and Odds Engine Pricing and Trading Technology.
Another benefit is the potential for further expansion of services within harness racing, greyhound racing and preview races. BetMakers also said that the agreement provides an ongoing partnership between Sports Information Services Limited, a global rights-holder for racing and harness races. This will allow them to provide products and services worldwide.
Jake Henson, CEO of BetMakers said: “We’re very happy to have secured this set of unique assets which hold enormous potential for BetMakers.” We have purchased market-leading technologies that will further enhance BetMakers racing ecosystem, for wagering operators as well as rights holders around the world.
We are in a unique position to incorporate Racelab into our global infrastructure. It will drive new revenue via existing channels, and continue to build on the strategic visions of ProForm as well as Odds Engine.
We are confident that we can deliver significant value through this acquisition. This acquisition will help to drive revenue growth and increase earnings in the future.
BlueBet acquires Betr, ending Betr’s deal
BetMakers will also be terminating its agreement to provide platform and service with Betr following the acquisition of BlueBet by Betr.
BlueBet Holdings announced today (11th April) that it had entered into a legally binding agreement for the sale of Betr’s wagering operations. This deal should be completed by the end of July.
After the merger, Betr users will migrate from BetMakers to BlueBet. This means that the BetMakers partner is not needed anymore.
In the agreement for termination, Betr continues to use BetMakers service with a reduced level of service until migration is complete. The payment is due at the end of this August.
If migration does not end by 1 October, Betr pays BetMakers $500,000 per monthly fee until migration is complete.
The previous months’ payment details can also be viewed. The BetMakers fees include $3.75m paid in March; $2.25m on 14 June, and $1.5m-$2.0m between 13 September. This depends on the date of customer migration.
BetMakers have more choices now
The conclusion of the deal also allows BetMakers Australia to work with additional operators in Australia, New Zealand.
Betr was granted exclusive rights to certain premium services in both countries. BetMakers can now offer these services to customers without restriction, as the agreement is set to expire.
Henson, CEO of BetMakers said that the company was pleased with the outcome reached between the two parties. We are happy with the conditions of Betr’s payment to BetMakers.
We are also satisfied with the terms of the new agreement that Betr entered into as a result. We wish Betr the very best for its new endeavor and we will continue to support them wherever possible.
The agreement is a major step forward for BetMakers. The agreement strengthens BetMakers’ cash position, and releases the company from significant future resource commitments.
This will allow us to reduce costs and redistribute key personnel in technology and product development to accelerate the global rollout of the next-generation products for our clients. The result is an enhanced offering and significant cost savings for BetMakers customers.
Paying for the punting form is completed by BetMakers
BetMakers also announced that it has now paid all of the outstanding special deferred amounts due to Punting Form in connection with its purchase.
BetMakers purchased ABettorEdge (trading as Punting Form) for AU$20.0m by November 2022. The contract includes provisions for additional payments when performance goals are met.
The sellers of Punting Form provided race and sectional results for North America last month. They had met a condition of the deal, which was a special event. As recompense for this they are entitled to an extra $3.0m.
BetMakers paid an initial cash payment of $500,000 in March. Another $2.5m was paid in March, which includes $1.0m cash and $1.5m shares.
