CEO Address to AGM
The result was driven by rising demand for BetMakers' products and services in Australia and overseas and included two weeks of revenue from the Company's acquisition of Sportech's Racing and Digital businesses, which completed on 18 June 2021.
The Sportech acquisition and acceleration of the Company's strategy in the United States market, including Fixed Odds betting on horse racing, were highlights in a transformational year for BetMakers on the global wagering stage.
BetMakers now operates in more than 30 countries with more than 200 customers, and we believe we are one of the leading B2B supplier for racing around the world.
Each sector of our business, including Global Racing Network, Global Betting Services and Global Tote, is in a position for continued growth throughout FY22 and beyond.
As Chief Executive Officer, I could not be more excited about the potential of the Company and the size of the opportunities our dedicated teams have established globally.
We have successfully built on our position as a core data and technology partner to the global racing industry - for racing bodies, rights holders and wagering operators - with demand for digital wagering and integrity products growing in Australia and internationally.
It is especially pleasing that our collective vision for the Company over the past three years is being clearly actioned. Management and staff are implementing plans and executing on a global strategy that has been supported by the Company's Board.
The strategy, which at its core has a focus on creating and delivering best-in-class B2B wagering and integrity-led products that monetise content for stakeholders across a global racing ecosystem, has delivered sustained value growth for shareholders.
This is demonstrated by the share price performance over the past two years: FY20 recorded 844% growth ($0.045 to $0.425); and in FY21 the growth was 152% ($0.425 to $1.070).
I am thankful for the support of shareholders, especially long-term holders, and those who have invested as part of BetMakers' journey. It has, at times, been a voyage into unchartered waters, but we have always believed in staying the course and that the prize we were sailing towards would not come without some rough seas.
Over the course of FY21, BetMakers has continued to grow its domestic business in Australia while navigating new territories and markets that have now established the foundations for the Company's next phase of growth globally.
In pioneering, by advocacy, Fixed Odds betting on horse racing in the United States, and subsequently the approvals by law in the state of New Jersey, we are playing a leading role in the innovation and evolution of horse racing.
By continuing to pursue strategic opportunities, such as the acquisition of Sportech PLC's racing and digital assets, we are investing in global opportunities that we believe can achieve significant scale for the Company, while also providing financial strength for the global horse racing industry as it competes with other sports, both for audiences and share of wagering.
In building this vision, we have assembled some of the best executives and advisors available in global wagering: Matt Davey, a global entrepreneur in the wagering space, and BetMakers' biggest shareholder, has committed to the long-term growth of the Company and has been a valued addition serving as a Non-Executive Director on our board; Matt Tripp, a pioneer of online wagering in Australia, bought into BetMakers during FY21 and agreed to be an exclusive advisor for the Company on B2B wagering globally.
We now have Australian offices in three states (Newcastle in NSW, Melbourne in Victoria and Brisbane in Queensland) and a highly skilled development and race-day operations team in Columbo, Sri Lanka. Together with the acquisition of the Sportech racing and digital assets we have offices in 8 countries.
The culmination of this growth, in talented people and geographies, is the intention to create one of the most prominent companies in the global wagering sector.
I would like to thank BetMakers' Chairman of the Board, Nick Chan, who has been with the Company since its inception, and all board members for their support in FY21.
The Board, management and staff remain mindful that this year has again been a very difficult period for many people around the world during waves of the Coronavirus, and we extend our thoughts to all those affected.
The Company's resilience as a borderless digital business has been evidenced more than ever this year, but just as importantly, the ability of our staff to operate under times of duress, and still deliver the highest quality and continuity of services, has been remarkable.
Finally, with the addition of staff from all over the world who have embraced the BetMakers' culture and passion, I would personally like to thank all of you.
We are aligned as a company with a clear vision and coherent action plans. And we are excited.
CEO - BetMakers Technology Group Ltd
*To view the Company Presentation, please visit:
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
Betmakers Technology Group Ltd