Quarterly Activities Report
Sydney, April 28, 2023 AEST (ABN Newswire) - The Board of BetMakers Technology Group Ltd (ASX:BET) (TPBTF:OTCMKTS) is pleased to release its Quarterly Cash Flow Statement and Quarterly Activities Report for Q3 FY23, the quarter ending 31 March 2023.
- $23.6m in cash receipts in Q3 FY23 is +9% versus Q3 FY22
- Strengthened board and management restructure
- Commenced the reduction and right sizing of the cost base
- Executed term sheet for the distribution of race meetings
- Q3 FY23 Webinar to be held on Monday 1 May 2023
- Closing cash balance of $56.2m
The quarter marked one of change for the Company as it strengthened its board, reorganised the management team, and commenced the process of normalising its cost base.
As noted in the Q2 FY2023 Quarterly Activities Report, the Company invested heavily during Q1 and Q2 FY2023 on its platforms and international expansion, and during H2 FY2023 the focus would be on reducing and normalising the cost base. This process commenced during Q3 FY2023 as evidenced by the reduction in operational cash outflows, with further operational efficiencies expected to be realised over the coming quarters.
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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.