BetMakers finalises amendment to betr agreement

BetMakers Technology Group Ltd (ASX: $BET) has concluded the terms of an amendment to the Platform and Services Agreement with NTD Pty Limited (trading as 'betr') in anticipation of betr's potential acquisition by BlueBet Holdings Limited. The amended agreement outlines the payment terms and service arrangements between BetMakers and betr, with a focus on the expected termination following the migration of betr's customers to the BlueBet platform.

Executive commentary on the amended agreement

BetMakers CEO, Jake Henson, expressed satisfaction with the agreed outcome and the terms to recover outstanding amounts owed to BetMakers by betr. He also highlighted the significant cost savings and efficiencies resulting from the amended agreement, which will expedite the roll-out and launch of the NextGen platform into global markets. Henson emphasized the strengthened cash position and the relief of a significant resource commitment for BetMakers, enabling the company to reduce its overall cost base and redeploy key technology and development personnel to drive sustainable profits for shareholders.

Summary of the amended agreement and outlook

The amended agreement between BetMakers and betr outlines the payment terms, service arrangements, and the proposed termination following the migration of betr's customers to the BlueBet platform. The agreement is expected to result in significant cost savings and efficiencies for BetMakers, strengthening its cash position and providing the opportunity to drive sustainable profits for shareholders. BetMakers remains focused on achieving low double-digit revenue growth in FY24 and managing its cost base to under $110 million, with further efficiencies possible as a result of the amended agreement. The company also maintains confidence in delivering solid top-line growth, even in the absence of ongoing betr platform revenue, and is excited about the growth opportunities for its business and its ability to enhance its product offering for customers.