BetMakers switches HQ location as North America CEO departs
Shares in BetMakers have surged more than 6% after the company announced a new round of leadership changes and a renewed commitment to generating positive cash-flow over the coming months.
The management moves include the departure of North American CEO Christian Stuart, effective 6 April, as well as the promotion of Chelsey Abbott to the executive team as chief people officer.In January, the ASX-listed supplier already reshuffled its executive team, with Jake Henson (pictured) being promoted from COO to CEO.
Commenting on Stuart’s departure, Henson thanked him for his service and commitment and wished him all the best for his next challenge.
Stuart added: “It has been a pleasure working with the team and advancing the interests of the company here in the US. I am confident we will see the company go from strength to strength as the US market expands.”
Aiming for positive cash-flow
Meanwhile, BetMakers said it remained committed to moving “the business into a position of positive cash-flow generation” and positioning itself to capitalise on organic and inorganic growth over the next 18 months.Although BetMakers reported a 7.5% increase in revenue for the first half of its 2023 financial year, which ended on 31 December 2022, the company reported an adjusted EBITDA loss for the period of A$15.4m.
Moreover, BetMakers share price has fallen by more than 73% during the past 12 months.
However, the new management team has pledged to focus on reducing and normalising costs in the second half of this year.
The company has relocated its headquarters from Newcastle, New South Wales, to Melbourne, where the CEO and other executive members are based.
Las Vegas-based executive chairman Matt Davey said he was pleased to see the progress the team had made both internally and with key industry stakeholders.
“Moving forward, we will continue to execute on market expansion and a relentless focus on optimising our business,” he concluded.