North American Racing and Key Management Update
Sydney, April 3, 2023 AEST (ABN Newswire) - BetMakers Technology Group Limited (ASX:BET) (TPBTF:OTCMKTS) is pleased to announce that it has executed a non-binding term sheet with The Stronach Group's 1/ST Content business ("1/ST Content") for the distribution of BetMakers' Global Racing Network's ("GRN") race meetings into international wagering markets, including the UK and Ireland.
The deal, which is subject to long form agreement completion, is scheduled to launch from 1st May 2023 and intends for BetMakers' GRN feature racing content from racecourses at Kentucky Downs, Charles Town, Mahoning Valley, Penn National, Sam Houston, Zia Park and Monmouth Park to be available for 1/ST Content's broadcast schedule. This includes through Sky Sports Racing in the UK and Ireland, as well as across other international media partners' websites.
BetMakers' Chief Executive Officer, Jake Henson, said:
"The partnership with 1/ST Content is designed to be an important addition to BetMakers' Global Racing Network, further broadening our global racing distribution base with a strong and credible partner in expansive markets, which can deliver enhanced returns to our racetrack partners."
As BetMakers continues to optimise its business following an organisational restructure, the Company wishes to advise on the departure of North American CEO Christian Stuart from the business effective 6th April 2023.
"On behalf of BetMakers' board and wider international leadership team, we would like to thank Christian for his service and commitment during his time in the business," Mr Henson said.
"We wish him all the best for his next challenge, of which I'm confident he will be a tremendous asset."
Christian Stuart commented, "it has been a pleasure working with the team and advancing the interests of the Company here in the US. I am confident we will see the Company go from strength to strength as the US market expands."
BetMakers remains committed to unlocking organisational efficiencies, aiming to move the business into a position of positive cash-flow generation and positioning the Company to capitalise on organic and inorganic growth over the next 18 months.
Las Vegas-based Executive Chairman, Matt Davey, commented:
"Whilst we are still in the early phase of our restructuring, I am pleased to see the progress the team has made both internally and with our key industry stakeholders. At our core, we rely on great technology and strong relationships, which Christian has delivered well on both fronts. I am proud of what he has achieved during his time with us. Moving forward, we will continue to execute on market expansion and a relentless focus on optimising our business."
Additionally, BetMakers is delighted to announce the promotion of Chelsey Abbott to its Executive Team as the Chief People Officer.
"This is an incredibly well-deserved promotion, and we are excited about the positive impact that Chelsey will make in this new capacity," Mr Davey said.
"As Chief People Officer, Chelsey will centralise the global People & Culture team and continue to drive the development and execution of our People and Culture strategy. She will also play a crucial role in shaping BetMakers' capability by driving an engaging workplace culture that empowers our employees to thrive."
Finally, the Company would like to advise that it is relocating its headquarters to Melbourne where the CEO, along with other executive members, are now based.
About The Stronach Group and 1/ST Content:
The Stronach Group is the holding and investment company that encompasses all businesses and assets under The Stronach Group umbrella, including the 1/ST Group of Companies.
The 1/ST Group of Companies represent a group of world-class sports-anchored digital, technology, entertainment, wagering, media, content and real estate development companies with Thoroughbred horse racing and pari-mutuel wagering at the core. The company's consumer facing brand, 1/ST (pronounced "First"), powers the forward-thinking 1/ST Racing & Gaming, 1/ST Content, 1/ST Technology, 1/ST Experience and 1/ST Poperties businesses, while advocating for and driving the 1/ST Horse Care mission.
In addition to 1/ST, The Stronach Group owns significant real estate and agricultural assets in northern Florida, Kentucky and Ontario, Canada. The Stronach Group functions as overall investment manager providing accounting, treasury, legal, tax and other key corporate functions across businesses and acts to provide overall leadership and governance to all portfolio companies.
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