Full Year 2024 Betmakers Technology Group Ltd Earnings Call Transcript
Key Points
- BetMakers Technology Group Ltd (ASX:BET) reported a 74% improvement in adjusted EBITDA, reducing the loss to $7.2 million for the full year.
- Operating expenses were reduced by 26%, showcasing improved efficiency in business operations.
- 97% of the company's revenues are contracted, providing a stable and predictable revenue stream.
- The company has diversified its customer base, with no single customer accounting for more than 5% of total revenue.
- Significant international growth, with 66% of revenue now derived from international racing partners.
- The exit of betr has led to a re-basing of revenue to $88.8 million, down from $95.2 million.
- The Australian platforms division underperformed, impacting overall revenue growth.
- Despite improvements, the company still reported a net loss and is not yet profitable.
- The company has faced delays in achieving its financial targets, setting back its progress by approximately six months.
- Gross margin decreased by 2%, primarily due to weaker performance in the Australian platforms business.
Good morning, everybody, and thank you for joining us for the Betmakers' FY24 full year results presentation. Thank you, everyone, for making the time.
I'm delighted here to have Betmakers' management, Exec Chair, Matt Davey; CEO, Jake Henson; and newly appointed CFO, Carl Henschke. The guys will walk through the presentation that was lodged on the ASX earlier this morning. (Operator Instructions)
So without further ado, I'll hand over to you, Matt. Welcome.
Thanks, Eric. Yeah. So it's a pleasure to be here today in front of all of our shareholders and we're looking forward to walking you through the results we've achieved over the last 12 months, the full year '24 results. Go to the next slide, Eric.
So Betmakers is an internationally scaled B2B provider of technology solutions for the racing-led industry where we focus on tote and fixed odds wagering around racing. And the business has evolved
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