BetMakers Technology Group has announced a series of changes to its senior management team, including Todd Buckingham stepping down as chief executive to take on the newly created position of chief growth officer.
The news comes after BetMakers warned that it could experience negative growth throughout FY2023 in its Q2 update earlier today.
Buckingham led the sports betting solutions provider as CEO since October 2009 but will now step aside, with former chief operating officer Jake Henson becoming CEO.
In his new role, Buckingham will focus on both developing and executing on international opportunities, while Henson will drive operations of the business and optimise profitability.
Meanwhile, experienced gambling executive Matt Davey was appointed to the provider’s board as its president and executive chairman, with a remit to provide strategic direction, oversight and prioritisation.
In addition, former non-executive chairman Nick Chan will remain on the board as a non-executive director and continue to offer his experience, corporate knowledge and expertise to the business.
Explaining the reasons behind the restructure, BetMakers said the business has experienced “exponential growth” over the past three years and launched in a number of new markets, which has led to the need to invest in processes and systems to support further expansion.
Whilst transitory in nature, BetMakers said that the implementation of these technologies has “consumed valuable management resources and added materially to the cost base”.
As BetMakers said its three revenue divisions – Global Betting Services, Global Tote and Global Racing Network – are at different stages of business cycles, the changes will help maximise and increase profits on both mature and developed businesses by addressing operational efficiencies and creating more scalable processes.
The provider said the restructure would also allow for greater focus on capitalising on international opportunities in markets around the world.
Updating on the progress of each division, BetMakers said that the Global Betting Services platforms and trading arm is in “strong” growth mode and, with the recent Betr contract and technology platform, representing a business opportunity that is ready to scale globally.
While BetMakers said that the Global Racing Network division is “relatively embryonic”, the potential of the business is underpinned by the Monmouth/New Jersey fixed odds initiative, Caymanas Park, and recently launched Global Tote Hub.
“Over the last 25 years as an executive in the industry, and through my investment company Tekkorp Capital, I have had the opportunity to explore many gaming and wagering opportunities across the world,” Davey said.
“It remains clear to me that there is no better business or investment opportunity on the international stage than what the BetMakers business currently has on a global scale.
“I am taking on the role of president and executive chairman to work closely at a board and management level with the intention to get results for all shareholders. I have confidence in the team, I have a strong belief in the market opportunities, and I will begin with an urgency in our approach to deliver results.”
Buckingham added: “The decision to transition from CEO to a focused delivery role on our international opportunities and growth initiatives came after an internal review to best position the company for accelerated growth and how best I could assist in capitalising on these opportunities.
“I have no doubt that we have assembled some of the best and most forward-thinking racing, wagering, and technology executives in the world.”