In the world of casino and gaming news, BetMakers has made headlines with its FY2024 results for the year ending on June 30, 2024. The company saw a slight increase in revenue by 0.2%, reaching AU$95.2 million. However, the spotlight was on the decrease in gross profits by 3%, settling at AU$57.4 million. The gross profit margin also experienced a 3.2% decline, falling to 60% for FY24.
Despite these challenges, BetMakers made a significant stride in reducing its EBITDA loss by 74%, from AU$27.8 million in FY23 to AU$7.2 million in FY24. This accomplishment was mainly attributed to a substantial cut in operating expenses, from AU$88.2 million to AU$65.3 million. BetMakers Executive Chair, Matt Davey, expressed his optimism about the company’s future, highlighting the progress made in restructuring and enhancing technology and product offerings.
“FY24 was a pivotal year for BetMakers in building the foundations that will enable us to deliver sustainable profit and long-term growth,” said Davey. “A substantial restructuring program has now largely been completed, significantly reducing our cost base as we enter FY25. In addition, our technology and product offering continues to be enhanced, and our international operations continue to grow in profitability.”
BetMakers also made strategic moves in the market, including rebuilding its core technology platform and expanding its presence in the US through a partnership with bet365. The company also secured an agreement with Kambi to provide fixed odds platform and global racing data services across multiple European jurisdictions. In a recent development, BetMakers appointed Carl Henschke as the new CFO in June.
CEO Jake Henson emphasized the company’s focus on reducing costs, investing in technology, and expanding business opportunities. “BetMakers has worked diligently to further reduce and normalize the cost base in FY24, whilst continuing to invest in technology and grow the business,” stated Henson. “The significant development in technology is expected to put us in a great position to attack the growth opportunities in international markets, whilst also benefiting our existing customer base.”
The road ahead for BetMakers seems to be paved with challenges and opportunities, as the company navigates the ever-evolving landscape of the gaming and casino industry. With a strong focus on innovation and growth, BetMakers is poised to make its mark in the global market.
