License: Pexels, Free to use, Author: RDNE Stock project
Racing data and analytics provider BetMakers Technology Group has successfully completed its buy-back of 10% of the company's shares, resulting in a 13% increase in share prices. The buy-back began on July 12, 2022, and involved the repurchase of 30,626,884 shares using BetMakers' cash reserves.
The completion of the buy-back follows a series of changes in BetMakers' senior management team. In January, CEO Todd Buckingham transitioned to the newly created role of Chief Growth Officer, while Christian Stuart, BetMakers North American CEO, departed the company in April as part of an organizational restructure.
Despite facing negative growth in Q2 due to outstanding investment commitments, BetMakers continued to experience cost pressures and reported a loss in its Q3 financial report, despite a 9% increase in revenue.
In addition to the share buy-back, BetMakers announced the renewal of its technology contract with Australian sports betting mobile app Dabble. The contract involves the use of BetMakers' price manager technology, which offers managed trading services and builds fixed odds solutions for sportsbook clients. The renewed partnership is expected to strengthen Dabble's position in the Australian racing market.
BetMakers CEO Jake Henson expressed excitement about the partnership, stating that the price manager product has been crucial to Dabble's success. Dabble CEO Tom Rundle emphasized the value of BetMakers' solutions in offering racing products and pricing strategy, expressing satisfaction with the continued partnership.
Furthermore, Dabble completed its acquisition of mobile sports betting platform Moneyball Australia in February, which supports the company's growth strategy. Rundle highlighted the growth of the Dabble community resulting from the acquisition and expressed excitement about the opportunities it presents.
Overall, BetMakers' share buy-back and renewed partnership with Dabble demonstrate the company's strategic initiatives and commitment to enhancing its services and market position in the sports betting and racing industry.