The Board of BetMakers Technology Group Limited has announced it has entered into binding agreements to acquire global assets of leading international online sports betting company Sportech PLC for A$56.2million (£42.02million/ €16.6million) on a cash-free, debt-free basis.
The proposed Acquisition of Sportech’s Racing and Digital assets in the United States, United Kingdom and Europe is intended to accelerate BetMakers’ international growth plans with a significantly expanded global customer base and strategic position to fully capitalise on emerging opportunities in the U.S. market, including Fixed Odds wagering.
BetMakers considers the Acquisition to be transformational for the Company’s financial and growth prospects. The Acquisition includes the following key Sportech assets:
– Americas Tote Business: providing betting solutions, hardware and operational services to over 200 racetrack, casino and betting venues to more than 50 customers across the United States, Canada and Latin America.
– Americas Digital Business: providing white-label digital betting solutions to more than 25 customers in North America.
– UK and European Tote Business: providing betting technology, parimutuel and comingling services to more than 35 customers across the UK, Ireland, Europe and Asia.
– QuantumTM Tote Technology – a world-leading tote betting engine currently used internationally and including for events such as the Breeders Cup and Royal Ascot race meetings.
BetMakers’ Managing Director, Todd Buckingham, said: “This Acquisition will supercharge our entry into the U.S. and position the Company for substantial growth on the back of the emerging wagering opportunities in U.S. racing, including Fixed Odds, where we believe we are well placed.”
“The Acquisition would give us a meaningful presence in the U.S., including in 36 of the States and across more than 200 venues, 25 digital outlets and 9,000 betting terminals.”
“It will also greatly expand our global customer base across the UK, Europe and Asia and provides us with an opportunity to expand our product offering at scale in these and other regions.”
“The Acquisition of Sportech assets and the momentum we are seeing in the BetMakers’ business during this current financial year places the Company in an extremely strong growth position.”
“Sportech has a brand that is world-renowned. We look forward to the opportunity to grow these valued businesses through an investment in technology and our knowledge and learnings from Australia to assist the current Sportech staff along with international racing bodies and wagering operators.”
“BetMakers believes its approach to technology innovation, integrity and servicing customers with wagering solutions can help grow racing globally for everyone in the ecosystem. This includes racing bodies, participants and wagering operators as well as power the excitement of racing as the leading option in a competitive sports betting market.”
“Whilst the Acquisition is subject to approval by Sportech’s shareholders and other customary conditions, we are pleased that the Board of Sportech has indicated it will recommend its approval.”