Betmakers acquires RACELAB, renegotiates betr deal

Wagering tech company Betmakers has expanded its footprint with the acquisition of wagering data and technology provider RACELAB as well as establishing a partnership with global racing rights holder Sports Information Services (SIS).

The deal, worth $1.5 million, was announced on Thursday and was described as a ‘highly strategic acquisition for Betmakers, adding leading race form, preview, and statistics technology to the Betmakers ecosystem.’

“We are very pleased to secure this unique set of assets that hold tremendous potential for BetMakers,” Betmakers CEO Jake Henson said.

“We have acquired market leading technology that further broadens the capabilities of BetMakers’ racing ecosystem for both wagering operators and rights holders alike, across the globe.”

“In addition, we are uniquely placed to integrate the RACELAB operations into our existing global infrastructure, driving new revenues via our existing sales channels and continuing to develop upon the strategic vision of both ProFORM and ODDS ENGINE technologies.

“We are very confident in our ability to deliver substantial value from this acquisition, and to contribute towards both revenue and earnings growth in FY25 and beyond.”

RACELAB Global is headquartered in Australia and is headed up by former Racing Queensland and Tasracing CEO Dr Elliot Forbes, who has been CEO of the company since October 2021.

That was the same time as SIS invested in RACELAB, with the UK-based company’s CEO Richard Ames, currently the chairman of RACELAB.

“We are very confident in our ability to deliver substantial value from this acquisition.” – Jake Henson

The Betmakers deal creates a partnership between it and SIS ‘to develop products and services for their suite of global customers’. Betmakers shares stood at 10 cents on Thursday

The announcement came on the same day that key Betmakers platform client betr announced they would be merging with ASX-listed Bluebet.

As a result of that Betmakers confirmed it had renegotiated its deal with betr when the merger takes place, which is expected to be by July 1. Betr will pay Betmakers $2.25 million in June and a further $1.5 million to $2 million by September.

“BetMakers is pleased with the agreed outcome between the parties. We are satisfied with the terms to recover outstanding amounts owed to BetMakers by betr,” Henson said.

“In addition, we are content with the agreement on the ongoing terms that are a result of betr entering into a new transaction. We wish the betr team all the best in its new venture (should it proceed) and will continue to be supportive wherever we can along that path.”

Tripp, Sullivan to join forces as betr and BlueBet merger confirmed

Wagering companies betr and BlueBet will merge in a bid to compete with Australia’s biggest bookmakers.

The StraightWarwick Barr

Betr chairman Matthew Tripp will remain a shareholder in Betmakers.

“We appreciate the support that the team at BetMakers have given us since launch and we look forward to remaining a long-term customer of their market leading racing data and pricing services,” Tripp said.

“The transaction with BlueBet is designed to provide a structure to accelerate the growth and scale of the combined entity in its ambition to become a Tier 1 wagering operator. Personally I remain a committed long-term shareholder of BetMakers and believe strongly in their global aspirations.”