Board and Management Restructure
Sydney, Jan 31, 2023 AEST (ABN Newswire) - BetMakers Technology Group Limited (ASX:BET) (TPBTF:OTCMKTS) is pleased to announce that Mr Matt Davey has been appointed as President and Executive Chairman as part of a Company restructure. Mr Davey is a former Board member of BetMakers and a highly respected global wagering and gaming business leader with a proven track record. His appointment is a key part of the Company's decision to restructure its Board and Management. The changes are intended to accelerate the delivery of business optimisation and growth, and ultimately to maximise shareholder value. The changes, effective immediately, are as follows:
- Matt Davey has been appointed to the Board as President and Executive Chairman;
- Nick Chan, formerly Non-Executive Chairman, remains on the Board as a Non-Executive Director;
- Todd Buckingham, formerly CEO, has been appointed to a new role of Chief Growth Officer, with a dedicated global project remit, as part of Todd's refocus, he has also stepped down from the Board; and
- Jake Henson, formerly COO, has been appointed Chief Executive Officer.
Background to the restructure
BetMakers has experienced exponential growth in the past three years. The business is well positioned and widely recognised as a global leader in the B2B racing and wagering market.
The Company's strategy for the past three years has been focused on growth and has created a range of global opportunities that are viewed as highly lucrative. The exponential growth and the geographically diverse nature of this expansion has required the Company to invest in processes and systems as required of a leading global technology business. This includes cyber-security, ISO certification, regulatory and compliance frameworks. Whilst transitory in nature, the implementation has consumed valuable management resources and added materially to the cost base.
The three revenue divisions of BetMakers are at different stages of business cycles. As such, the Company's management changes are designed to allow the Company to maximise and increase profits on its mature and developed businesses by addressing operational efficiencies and creating more scalable processes, while at the same time allowing a more agile team to focus on capitalising on the international opportunities that are emerging.
The Global Betting Services division, which is the Company's platforms and trading division, is in strong growth mode and, with the recently delivered BetR contract and technology platform, represents a significant business opportunity that is ready to scale globally.
The Global Racing Network division is relatively embryonic, but the potential is underpinned by a strong platform in the Monmouth/New Jersey fixed odds initiative, Caymanas Park, and the recently launched Global Tote Hub.
The Board and Executive management team of BetMakers have taken action to realign management responsibilities and reporting lines to address the factors noted above.
The intended purpose of these changes, collectively, is to enable the optimisation of the full potential of the business in an accelerated time frame. It is designed to align the skill base of our key executives to the areas that will deliver maximum shareholder value for the Company.
Commenting on the changes, Nick Chan said:
"The Board, working with management, have concluded that this restructure creates absolute clarity and focus to deliver on our growth plans for shareholders. I welcome Matt Davey back to the Board and thank him for taking on the role of President and Executive Chairman.
"In practical terms, these changes are designed to affect a strategic reset of the business, with a clear shift from growth to optimisation plus execution.
"This will entail an increased focus on operational disciplines, specifically a return to positive cashflows, cost efficiency, and optimal capital management. The changes will also allow the team to execute on growth opportunities, particularly international fixed odds and the Global Tote International Pools.
"Todd Buckingham has been a fantastic CEO as founder of the Company. I thank Todd for his leadership and ability to scale and grow the business from a start-up to a global operation with more than 500 employees, and the way he has positioned the business for the intended success in the coming year. His transition to a new dedicated role as Chief Growth Officer will add focus on the delivery of the Company's international pportunities, including fixed odds in the US and other markets, and the Global Tote Hub globally. We are experiencing increasing interest from wagering and racing organisations all over the world and this role will allow Todd to dedicate his time to executing on these opportunities.
"Finally, we are delighted to announce the promotion of Jake Henson to the role of Chief Executive Officer.
Jake is a highly regarded wagering industry professional who has been fundamental in the success of our core Global Betting Services business division of Platforms and Managed Trading Services. Jake's unrelenting focus on operational excellence will drive revenue growth and profitability across the whole organisation.
"These changes support our urgency to deliver on the next phase of profitable growth for the business. It aligns the three business units of BetMakers with clear leadership and a pathway to execute."
Commenting on his appointment to the Board, Matt Davey said:
"Over the last 25 years as an executive in the industry, and through my investment company Tekkorp Capital LLC, I have had the opportunity to explore many gaming and wagering opportunities across the world. 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 delighted, after discussions with management and Board members, to be re-investing my energy and time to delivering on these opportunities. 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."
Commenting on the Board and Management changes, Todd Buckingham said:
"I am especially proud to have been the founding CEO of BetMakers as we have built the Company from a start up to the respected expansive Global company it is today.
"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. "I would like to congratulate Jake Henson on becoming the new CEO, which is a well-earned and deserved appointment given his long history, and commitment to the Company. I am excited to be working with him over the years ahead.
"I am also thankful for the past and ongoing support of the Board and look forward to the next exciting phase for BetMakers under this aligned and focused team."
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