BetMakers commits to growth, confirms layoffs, sees share price soar

BetMakers Technology Group Limited has submitted a filing to the Australian Stock Exchange in which the company outlined its cost base reduction and global efficiencies program. The filing was intended for shareholders, with the company’s share jumping by 24% on Wednesday, May 31.

The company has enacted a number of Board and management changes that align with its overall path to profitability and are designed to give the business a strategic reset that will focus on operationaldiscipline, positive cashflows, cost efficiencies and more. As a result of the company’s operational review, BetMakers will now see a normalization of annualized staff and operating overheads, which will drop to AU$70 million from Q1 FY2024, the company said.

Another notable factor here is the company’s decision to reduce its workforce from 568 people on December 31, 2022, to 440 members of the staff in Q1 FY2024. The cost of the efficiency program itself is expected to be anything around AU$2.5 million.

Commenting on the latest news, BetMakers CEO Jake Henson said that all of this has been decided while the company has been deploying its proprietary technology and conducting its strategic review.

"BetMakers is committed to providing long-term value to shareholders and this restructuring is an essential step towards achieving that goal," Henson added. All of these changes have the clear aim of making the business profitable and giving it a more streamlined operating structure in order to achieve better growth opportunities in future.

All in all, Henson said that the company is committed to creating value for customers, too, and the rollout of platforms and products in all regions and global, as well as domestic, markets is a clear sign of this ongoing commitment.

BetMakers Executive Chairman Matt Davey said that the company is laser-focused on operational efficiencies, simplifying BetMakers’ global operating model, and generally focusing on coveted growth.

So far, Davey feels that all the goals that the company set out during its quarterly earnings calls during FY2023 have been achieved. Moving forward, BetMakers is confident that it will be able to derive better synergies and finally deliver a strong profit for shareholders that lead to more company growth.

BetMakers is a company that is backed by Matthew Tripp, a prominent Australian investor who has been involved with the gambling industry. Tripp worked as CEO at BetEasy.

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