BetMakers Report Growth in the H1 of 2024 Following Restructuring
LISTEN TO THIS ARTICLE:BetMakers, a leading B2B technology solutions provider, has announced interim results for H1 2024, and the company sees revenues of AU$51m, which is an increase of 10% when compared to the same period for the previous year. The technology provider also gave details of its restructuring program and cost-cutting initiatives.
BetMakers has decided to restructure its business operations in Global Betting Services, Global Tote, and Corporate Services, to simplify these segments of the business. The key drivers behind the jump in earnings were the Global Betting Services revenue and the Global Tote revenue which grew by 5.6% to AU$26.8m, and a sharp rise of 15% to AU$25.6m respectively.
Other highlights included the launch of the OneWatch service which is a data collection tool for monitoring and analytics. There were also technological advances that saw the business introduce new features into its sportsbook offering designed to add much-improved functionality for its clients.
During the six months to 31 December 2023, the Company was focused on executing its restructuring plan, reducing its cost base, and setting a sustainable foundation for future growth through the renewal of contracts with key partners and signing new customer contracts. The restructuring plan has simplified the Group's operations, including streamlining the business model across three operating segments: Global Betting Services, Global Tote and Corporate.
Operational Costs to Achieve a 10% Reduction
BetMakers outlined its strategy to reduce operational costs by around 10% and aims to achieve a target for costs under AU$110 million, compared with the FY23 figures of AU$ 127.5m. The company is on target to achieve this target and points to the Adjusted EBITDA for H1 2024 which is showing a negative AU$0.9m. The main tool to drive down costs is to reduce the employee headcount of the business, and the number of employees at BetMakers for the period stood at 414, which is down from 456 at the start of the half year.
This streamlining of operations also included a reduction in headcount from 456 at 30 June 2023 to 414 at 31 December 2023. The Company is now operating with a reduced cost base and is focused on delivering revenue growth.
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