Giorgi Samkharadze, head of broadway platform at SPRIBE, walks us through the recent launch of the company’s new one-stop-shop platform, highlighting some of the challenges, and more importantly the opportunities, of shifting from a games developer to a platform provider.
NEXT: For those that might not know, can you introduce us to the Broadway Platform? What does this entail?
GS: Launched last week, the Broadway Platform is a comprehensive digital solution that has been designed specifically for the online gaming and betting industry.
It aims to serve as a foundational technology stack that enables operators to deliver a wide range of gaming and betting experiences to their customers. This includes everything from casino games to sports betting, all integrated into a single, seamless platform.
The goal is to provide a robust, scalable and flexible solution that can adapt to the evolving needs of operators and their users. In addition to offering sports betting and casino solutions, we also provide CMS, CRM, affiliate, risk management and gamification tools.
NEXT: Why has now been the right time to make your move into the platform development space?
GS: What we have found is that many iGaming platforms that are available on the market today are complex and challenging to navigate.
We’re stepping in to revolutionise this! Broadway Platform represents a solution to the obsolete and rigid gaming products that are currently available.
They lag behind in speed and adaptability. But the Broadway Platform is different; we boast the quickest route to market and the most advanced technology.
NEXT: How does SPRIBE’s Broadway Platform plan to stand out in what is very quickly becoming a very saturated market?
GS: SPRIBE’s Broadway Platform plans to distinguish itself by offering unparalleled customisation, scalability and integration capabilities.
Unlike other platforms, Broadway Platform focuses on leveraging advanced technologies such as artificial intelligence and blockchain for enhanced security, fairness and user engagement.
Additionally, SPRIBE’s background in creating popular casino games means that we know just what it takes to deliver unique content offerings that are exclusive to the platform, therefore providing our partners with a competitive edge.
NEXT: Traditionally, SPRIBE has been focused on developing casino games but the launch of Broadway Platform marks a strategic shift for you as a company. How has your experience in games development provided you with a unique perspective on what is needed from a platform provider?
GS: SPRIBE’s experience in developing engaging and successful casino games gives us a unique insight into what makes for compelling content and unique user experiences.
This expertise has been invaluable in designing a platform that not only delivers exceptional performance and reliability but also highlights the importance of user engagement, retention strategies and innovative content delivery.
NEXT: What have been the key challenges that you have faced in this shift from games developer to platform provider? And how have you overcome these hurdles?
GS: Transitioning from a games developer to a platform provider has presented a number of unique challenges, such as scaling the technology infrastructure, ensuring regulatory compliance across different jurisdictions and meeting the diverse needs of operators.
SPRIBE has overcome these hurdles by investing in robust technology solutions, building a team of experts in regulatory affairs, and adopting a flexible platform architecture that allows for easy customisation and scalability.
NEXT: Broadway Platform is set to include a sportsbook offering as part of your decision to become somewhat of a ‘one stop shop’ for partners. What opportunities have you identified in the sports betting space?
GS: The sports betting space offers significant opportunities due to its growing popularity and the increasing number of markets beginning to embrace regulation.
By integrating a sportsbook offering, Broadway Platform aims to tap into this expanding market, providing operators with a comprehensive solution that caters to a broader audience.
We have chosen to focus on offering innovative betting products, live betting options, leveraging data analytics to enhance the betting experience and providing the most personalised experiences for bettors.
NEXT: How do you plan to emulate the success you have had in the casino sector in the sports betting space?
GS: To replicate our success in the casino sector, we remain committed to showcasing our ability to innovate, drive user engagement and support our partners’ expansion efforts within the sports betting space.
This includes developing unique betting products, focusing on mobile-first experiences and forming strategic partnerships within the sports industry to offer exclusive content and betting opportunities.
NEXT: SPRIBE has had a hugely successful couple of years, with the launch of Aviator and partnerships with the UFC. What can we expect to see from SPRIBE for the remainder of 2024?
GS: For the remainder of 2024, SPRIBE will focus on expanding the reach and capabilities of our Broadway Platform, forging new partnerships and continuously enhancing our product offerings.
This will include entering new markets, launching innovative features and exploring emerging technologies to stay ahead of industry trends.
The success of Aviator and partnerships like those with the UFC are testament to SPRIBE’s commitment to innovation and collaboration, which will continue to drive our strategy moving forward.
Giorgi Samkharadze, a very talented and outstanding manager with 7+ years of experience in various companies specializing in gambling, is currently leading a new project from the SPRIBE company, while simultaneously being a co-founder of the HawX company, successfully managing a team of 80+ people.
Responsible for processes within the project, product development, growth results and operational issues in the team.
Full-service betting and gaming platform provider Sportingtech has partnered with energetic iGaming development studio, RubyPlay, to integrate its portfolio of entertaining slot games into its platform.
The addition of RubyPlay’s content will significantly boost Sportingtech’s offering which already boasts more than 100,000 titles from over 100 carefully selected global partners.
Games will include Immortal Ways Diamonds, Diamond Explosion 7s, and Mad Hit Marlin Bonanza as Sportingtech cements its status as the number one platform provider across the LatAm region, which is a major focus for the brand in 2024.
RubyPlay is a progressive and innovative iGaming company specialising in designing and developing engaging slot games, with additional tools and support to add value to its operator partners.
This latest partnership deal reinforces Sportingtech’s ambitious growth plans, as it aims to further expand across regulated markets, with an emphasis on delivering tailored content and products to its vast number of partners.
Robert Nevill, senior commercial manager at Sportingtech, said: “We are always seeking ways to enhance the content portfolio that we provide to our operator partners. RubyPlay has created a strong reputation in the LatAm market and integrating its library of slots will go a long way to ensuring operators can deliver a diverse range of titles to its players.
“RubyPlay prides itself on creating unique gaming experiences and we are sure that the array of games will be well received by operators and players alike.”
Dr. Eyal Loz, chief product officer at RubyPlay, said: “Being able to partner with a tier one provider in Sportingtech will further our ambitious growth plans, ensuring our content is engaged by as wide an audience as possible.
“Sportingtech prides itself on providing bespoke offerings and we are thrilled that our content is going to play a key part in its top class delivery to operators.”
NuxGame, the experienced betting and iGaming software provider, has enhanced its online casino platform through its latest strategic partnership with digital identity verification technology leader, Jumio.
The collaboration sees NuxGame’s platform benefit from Jumio’s AI-powered Know Your Customer (KYC) and Anti Money Laundering (AML) verification checks, ensuring compliance with global regulatory standards.
Exemplifying the provider’s commitment to elevating risk management, Jumio’s sophisticated AI-driven KYC and AML technologies empower its partners with tools to adeptly manage risks and adhere to evolving compliance requirements.
This forward-thinking approach is pivotal for casino operators looking to offer a responsible and seamless gaming experience.
In addition to enhanced security measures, NuxGame has also recently broadened its payment capabilities, adding leading global payment processors and empowering players to purchase cryptocurrency directly on the platform.
The latest partnership for NuxGame follows its recent GLI-19 Certification, accredited in recognition of the platform’s adherence to the highest technical standards and further demonstrating its commitment to responsible gambling.
Denis Kosinsky, chief operating officer at NuxGame, said: “Jumio provides pioneering identity verification technology and we are confident our customers will find value in the software that is now integrated into our platform, allowing them to reinforce their position as a trustworthy and reliable gaming destination.
“With the ever-changing regulatory landscape, we want our clients to have comfort in the knowledge that our platform provides the necessary tools for them to operate safely and securely, making Jumio an ideal partner for NuxGame.”
Continent 8 Technologies continues to grow its global commercial team following the appointment of Sebastian Fernandez and Luana Monje as sales executives.
Sebastian will be based out of Buenos Aires in Argentina and joins Continent 8 from IT giant Dell Technologies, where he spent more than 12 years across several roles including a senior systems engineer and most recently account executive.
Luana comes to Continent 8 from AWS (Amazon Web Services) where she held the role of demand generation representative. Based in Sao Paulo, Brazil, she has a deep understanding of the region which has just passed legislation to legalise online sports betting and casino.
Both Sebastian and Luana will be responsible for nurturing relationships with Continent 8’s existing Latin American customers, helping them to maximise the potential of its solutions and services from cloud hosting and connectivity to layered cybersecurity.
They will also support new customers looking to make a move in the region, particularly Brazil which is expected to generate approximately $2.6bn per year (gross gaming revenue) by 2026 according to KPMG. Continent 8 will be live in Brazil to support customers with its full suite of solutions in the coming months.
Brian Koh, chief commercial officer at Continent 8 Technologies, said: “I would like to extend a very warm welcome to Sebastian and Luana who join Continent 8 at a pivotal time for the LATAM gambling market.
“Latin America is a thriving market with a lot of latent potential, something that the opening of Brazil will help to unlock. We are well positioned to help customers looking to launch into this market, and Luana will undoubtedly play a significant role in ensuring they go live with the best infrastructure and security in place.”
Sebastian Fernandez, sales executive at Continent 8 Technologies, added: “I’m excited to be joining the Continent 8 team and to bring over a decade of IT experience to this role. This is an incredibly exciting region with huge potential on the table, but organisations must have the right infrastructure in place if they are to maximise the opportunity. This is something that Continent 8 is renowned for, and we look forward to working with businesses across the region.”
Luana Monje, sales executive at Continent 8 Technologies, added: “I couldn’t ask for a better start to the year. I look forward to sharing my AWS expertise and knowledge of the LatAm market with the team and of course our customers.”
In the PIN-UP ecosystem they create their own ML/AI models to recognise fraud actions. Volodymyr Todurov, chief analytics officer, told NEXT.io about how artificial intelligence helps optimise anti-fraud processes and what benefits businesses receive.
NEXT.io: Volodymyr, can you tell us what risk management is in sports betting?
VT: All risk management in a sportsbook is based on individual limits when placing a bet. Basically, limits are set for a certain hierarchy – type of sport, tournament, event, markets.
Both limits on the maximum bet amount that a client can make, and on the acceptance delay time. This also includes margin management.
There are also individual limits for different customer segments – beginners, regular users, VIP players, high-risk players, and so on.
Limits may vary for different marketing activities. This is a dynamic system that allows you to adjust the risk appetite of the sports book flexibly and receive predictable profitability while satisfying client demand.
NEXT.io: How are fraudulent game styles determined without AI? Tell us about the classic approach, which was relevant both before the era of AI and now.
VT: The first one is the methodology for handling the anomalies. First, the norm is determined, and anything that differs significantly from the norm is already regarded as an anomaly.
A sharp shift in turnover in a specific tournament, a sharp skew in the live/pre-match distribution in a specific customer segment, a jump in the average bet, an increase in the share of bets placed under maximum limits. This is a signal for you that you need to conduct a more detailed analysis of the segment in which the anomaly occurred.
Secondly, this is an analysis of user preferences. What amounts, at what point in time and in what markets does the client bet. In this context, it is quite effective to find clients who play on errors in the bookmaker’s odds or use the product as an intermediate link in another fraud combination (I’m talking about related products – financial fraud, casino fraud, bonus abuse, etc.).
Third, this is special software that is used by both bookmakers and arbitrageurs. This is probably the most widespread pattern of fraudulent clients, since it is the simplest one. Up to process automation. The good thing is that bookmakers also see all arbitrage situations in their odds and react to clients who play exclusively in these markets at that moment in time.
NEXT.io: What are the advantages of using AI in this process?
VT: When we deal with huge volumes of data, the advantage of ML/AI models is obvious. This is a more advanced ability to generalize information and identify patterns of customer behavior that is not available with methods such as manual transaction analysis or the use of linear rules.
AI is an additional set of tools that helps the operations team work. It reduces the errors rate and decision-making time in each specific case, and opens up new knowledge about our clients.
In some ways, AI even deepens our expertise and broadens our horizons, since the models take a slightly different approach to decision making. Many tasks can already be given to AI autonomously.
Thus, AI helps to scale your business volumes without scaling the risk-management team, removes boring routine from daily operations and allows you to concentrate on a deeper analysis of other processes.
NEXT.io: What is your AI model and how does it work?
VT: AI-based decision models analyze a huge number of parameters of each transaction, such as the frequency of bets, their sizes, the selected events, as well as their history. The model analyzes these parameters, choose those with the highest predictive power and uses them in the forecast.
For our task, machine learning models were used, the main one being the extreme gradient boosting model, which is one of the best for structured data.
The essence of the method is to build an ensemble of models that consistently refine each other, thereby increasing the accuracy of the forecast.
At the input of the model we give a detailed history of bets, at the output we get a probability in the range of 0..1 that the user is a fraud.
NEXT.io: How was the workflow for creating this product built? Tell us about the important stages.
VT: Probably the most important thing for models is the quality of the training data. So we started by hiring an employee with a serious background in sportsbook risk management to join the team. His main task for about three months was to validate the correctness of the segments of fraudulent players.
Every day he reviewed de-identified information from hundreds of accounts, preparing data for training the model. This helped us a lot at the start, since the very first models at the proof of concept stage immediately showed us an adequate level of type 1 and type 2 errors for operational work.
Next, an important step was to conduct high-quality onboarding of Data Science specialists who worked on the models. All team members must clearly understand the domain area and use terminology to maximize the results.
We trained models in several iterations. After each iteration we rub the resulting model on data on different time periods. Thus on ongoing basis clarifying the user marking and improving data quality for the next version of the model.
NEXT.io: Do you have plans for future models? What problems will they solve?
VT: The next stage is the creation of a decision-making system based on deep neural networks and generative artificial intelligence. We will reduce the decision-making time, bringing closer the goal of increasing the accuracy and speed of determining the client’s fraudulent game style.
This approach, thanks to its ability to learn and adapt, will be able to study in detail the history of each client, using various scenarios to identify a particular group, including fraud.
These new tools, brought to a sufficient level of accuracy, are very helpful in the routine manual work of the anti-fraud team.
For large businesses, this is an excellent auxiliary tool for retrospective cross-checks, which allows you to find out whether we have correctly labeled all clients as “good/bad”, so that managers can have a peaceful sleep – whether we have missed any dangerous players.
For small businesses, this is an excellent optimization point. Having such a tool in your arsenal, you will have no need to immediately recruit a large staff of analysts; the bulk of manual work can be given to AI, increasing the efficiency of the anti-fraud department.
Volodymyr Todurov has eight years of experience in gambling, having held the positions of bookmaker, risk manager, and head of antifraud & analytics. He currently holds the position of chief analytics officer at PIN-UP Global.
He is an expert in risk management operations of sportsbook, casino, affiliate programs, marketing, payment systems. Volodymyr specializes in data-driven decision-making approach, economic modeling, and forecasting.
SIS (Sports Information Services), the leading multi-content supplier of 24/7 live betting services, has agreed a landmark distribution deal to supply its Competitive Gaming product through global sports technology provider Genius Sports.
The full Competitive Gaming library, which comprises over 150,000 annual live events, will be made available by Genius Sports to its extensive sportsbook network, furthering the ambitions of SIS in building mutually beneficial relationships with leading platforms.
SIS’ content covers both of its sports simulation products, esoccer and ebasketball, featuring regular short-form contests between skilled gamers.
Produced entirely in-house and with integrity at its core, SIS Competitive Gaming has been proven to deliver superior margins to operators and will significantly boost the Genius Sports breadth of offering.
Genius Sports is a global leader in official sports data and technology, powering the ecosystem that connects sports, betting, and media.
It provides sportsbooks and lotteries around the world with award-winning data, odds, streaming, trading, and marketing solutions that are proven to drive profits and cost efficiencies.
This is the latest significant distribution deal to be struck by SIS, further enhancing its reputation as an essential partner to leading global players in the industry.
Andy Kelly, head of commercial partnerships at SIS, said: “Genius Sports has developed a deserved reputation as a world-leading provider to the sports betting industry. This deal is of great significance for us as we continue to expand our distribution across regulated markets worldwide.”
“Genius Sports are renowned for their distribution network of live football and basketball and these customers will now have access to our Competitive Gaming, esoccer and ebasketball products that have a clear track record of adding significant value to the bottom line of operators. This is an agreement that is perfectly aligned with our respective established relationships, and we look forward to mutual success moving forward.”
Matt Stephenson, global partnership director at Genius Sports, said: “By adding SIS’ Competitive Gaming content to our offering, we are affirming our commitment to giving our hundreds of sportsbook partners the widest range of content and the best opportunity to add value and grow revenues.
“Genius customers expect market-leading solutions, and in SIS’ Competitive Gaming they will have a product that stands out from the competition in terms of quality and integrity.”
3ET has been built for bettors and is one of the world leaders in football and US sports betting. The deal with PandaScore marks its first move into esports betting.
Under the deal, PandaScore will provide 3ET with its award-winning Odds feed for three of the biggest esports – CS, Dota2 and LoL.
PandaScore’s Odds feed is powered by sophisticated models backed by a team of experienced esports traders, with specialist traders for each game.
3ET’s move into the world of esports betting comes at an exciting time for the sector, which continues to ride a steep upward growth trajectory.
Back in October last year, PandaScore passed a significant milestone of €1billion in esports bet volume with more and more operators now wanting in on the action.
Dasha Kirilishina, senior sales manager at PandaScore, said: “We are super excited to be working with the 3ET team to help launch its esports offering to players.
“This is an established sports betting brand with a large and loyal player base that will undoubtedly relish the opportunity to bet on the biggest esports contests taking place across the world.
“Our Odds feed allows operators such as 3ET to offer the widest selection of markets and the best odds while ensuring esports betting delivers the returns they need.
“For 3ET, the roll-out of our esports Odds feed also presents an opportunity to engage esports fans and bettors and encourage them to engage with the brand for the first time.”
Robert Cruickshank, director of 3ET, added: “We see tremendous potential for 3ET in the esports betting space and with PandaScore providing our odds, we are confident we can deliver the experience that esports bettors are seeking.
“We look forward to working closely with PandaScore to maximise the opportunities on the table and to continue to deliver a world-class betting experience to our players.”
Super Bowl weekend is upon us, and anticipation is soaring as the Kansas City Chiefs gear up to face off against the San Francisco 49ers in Super Bowl LVIII on Sunday 11 February.
Here are four things the gambling and betting industry should expect from this year’s Super Bowl:
1. Record betting activity
This year’s Super Bowl is poised to shatter previous records in betting activity.
Approximately 68 million American adults, representing about one-fourth of the population, are expected to place bets, according to the American Gaming Association (AGA).
The total amount wagered is projected to reach $23.1bn, marking a significant increase from last year’s $16bn.
Regulated outlets are expected to handle around $1.5bn of this total, based on consensus estimates from multiple sources, the group noted.
Research firm Eilers & Krejcik Gaming (EKG) predicts legal betting handle of $1.25bn, making the Super Bowl out as the US sports betting industry’s single-largest betting event every year, alone accounting for nearly 1% of the industry’s total annual handle.
“We did not project revenue given the inherent volatility; however, we note that, for sports betting operators, making money is not necessarily the core aim of the game.
“Rather—and per operator channel checks— the Super Bowl is mainly an opportunity to acquire casual customers who can be cross-sold or reactivated next NFL season.”
Nonetheless, the firm added: “A bad Super Bowl (something like a Chiefs win, Christian McCaffrey, Travis Kelce and Deebo Samuel all scoring TDs and Pat Mahomes going over his props) could wipe out a couple of months of profits.”
2. In-play and same-game parlays
In-play betting and same-game parlays are expected to play a significant role in this year’s Super Bowl wagering.
EKG predicts that around 10% to 15% of the online handle will come from in-play bets.
“That mark is below broader industry averages (FanDuel, for example, has previously disclosed that around 44% of its total handle comes from in-play),” EKG said.
“However, on in-play, football skews lower—and the Super Bowl skews even lower still due to the high number of recreational customers who overwhelmingly favour pre-match betting.”
In addition, EKG estimates that between 20% and 25% of Super Bowl online handle will be bet via same-game parlays.
3. The biggest markets
With sports betting legal in 38 US states, the Super Bowl draws bets from across the nation.
Nevada is expected to lead the way with 13% of the nationwide betting handle, thanks to its status as the host state and its tourism-driven sports betting market.
New York at 12% and New Jersey at 10% are also projected to see significant betting activity, capturing the second and third-largest shares of the handle, respectively.
4. More betting options than ever
The Super Bowl isn’t just about the game anymore; it’s also about the entertainment surrounding it.
This year is all about Taylor Swift.
Swift, whose regular appearances at Kansas City games began when she officially started dating Kansas City Chiefs’ Travis Kelce in September 2023, has presented new challenges for bookmakers.
Firms now have to come up with odds for questions such as: What sort of outfit will Taylor Swift wear to the game on Sunday? What colour lipstick will she wear? Will she cry if the Kansas City Chiefs lose to the San Francisco 49ers?
The New York Times quoted Tim Williams, director of public affairs for Bet US: “If it’s something that’s going to attract some attention and we can make legitimate odds on it, there’s a good chance that we’re going to do it.”
However, another bookmaker clarified: “It’s more for fun. We’re not trying to make a buck off this. Honestly, we’ll probably lose on a lot of these because it’s a real challenge for us to keep up with this stuff. Like, I don’t know what colour lipstick she’ll wear.”
Meanwhile, Flutter Entertainment revealed how difficult this really is. In a news release on the Super Bowl, the operator highlighted that accurate bookmaking is not so much about picking winners, but more about calculating the different probabilities of any imaginable outcome becoming reality.
“Our aim is to get the right price, the true probability of what may happen,” said Keith Goldner, FanDuel’s vice president of data science, sports modelling and innovation.
To get the prices right, “we also need to quantify how much we don’t know in order to calculate better probabilities.”
5. The halftime show
While not directly related to sports, the halftime show is always a highlight of the Super Bowl spectacle.
This year, Usher will take the stage, following in the footsteps of past legends like Beyoncé and Prince.
However, the halftime show hasn’t always been smooth sailing. Remember the infamous “Nipplegate” incident involving Janet Jackson and Justin Timberlake in 2004?
So, this year, Usher will take to the stage, and yes, of course, there are plenty of Usher odds too. The big question that BetMGM has posed to the bettors is: What will Usher’s first song be?
Sports and entertainment company Endeavor has integrated its global sports betting and data businesses, OpenBet and IMG Arena, under the OpenBet banner.
The combined entity will use the strengths of both businesses, merging OpenBet’s betting technology with IMG Arena’s data rights, Endeavor said.
The aim is to create an end-to-end sports data, technology and content ecosystem for betting operators and rights holders.
Endeavor acquired OpenBet from Light & Wonder in 2022.
The combined business will be led by OpenBet CEO Jordan Levin (pictured), who will report into Endeavor president & COO Mark Shapiro.
Former IMG Arena president Freddie Longe will remain with the company as a strategic adviser to the OpenBet organisation during the transition period.
Shapiro said: “When we acquired OpenBet in 2022, we envisioned a holistic integration with IMG Arena that would create a leader in the global betting, sports data and technology industry.”
He added that this ambition has now become a reality.
“Leveraging Endeavor’s complementary sports and entertainment capabilities, we will unlock meaningful value for the sports rights and IP of our owned and operated properties, and most importantly, for our partners.
“As an integrated business, we are focused on providing a unique solution to leagues, federations, and sportsbooks worldwide,” Levin stated.
OpenBet provides a modular range of technology, content, and services trusted by major sports betting brands, lotteries, casinos, and tribal operators globally.
OpenBet works with companies such as FanDuel, DraftKings, PointsBet, SkyBet, Ladbrokes and William Hill.
IMG Arena, meanwhile, delivers live streaming and data feeds for over 65,000 sports events annually.
Shares in BetMakers have risen 25% from A$0.08 to A$0.10 following the release of the supplier’s Q2 FY24 financial results.
The results, covering the three-month period ended 31 December 2023, showed a 10% year-on-year increase in revenue for the sports betting supplier to A$25.1m.
Alongside its revenue increase, BetMakers also saw significantly reduced staff costs (down 29.2% to A$12.3m) and operating expenses (down 27.7% to A$5m), compared to the prior year.
Those cost reductions led the business to a significantly reduced EBITDA loss of A$1.2m, as compared to the A$9.1m EBITDA loss registered in Q2 FY23.
Lower staff costs followed on from a business restructure implemented last year, which saw the firm reduce its headcount from 568 in December 2022 to 412 in December 2023.
The business intends to continue reducing its cost base this year, it said, with a target to have costs 10% lower in the second half of the financial year than in the first.
As of the end of the reporting period, BetMakers held A$18.1m in unrestricted cash.
That figure fell short of its minimum unrestricted cash target of A$20m, the firm said, as the result of a shortfall in receipts primarily from two customers, collectively worth around A$2m.
Key events during the quarter included the renewal of several of BetMakers’ existing client contracts.
Those included deals with The Meadowlands in New Jersey, ZeTurf in the Netherlands, William Hill in the UK and PointsBet in Australia.
The company also signed a new customer, the Selangor Turf Club in Malaysia, and expanded its agreement with the Argentina Jockey Club during the quarter.
Further, in the US the company launched its OneWatch terminal monitoring system, enabling the remote monitoring of betting terminals and thus allowing BetMakers to run its US tote operations from a lower cost base.
“New systems such as OneWatch have been instrumental in allowing the company to simplify its operating model and reduce its headcount,” BetMakers said.
Share price performance
Investors reacted positively to the news as shares jumped from A$0.08 to A$0.10 in the wake of the results.
Shares in the company remain at a relative low point historically, however, having dropped precipitously since hitting a high point of A$1.50 in May 2021.
The shares continued to drop steadily throughout 2022 and 2023, and first hit their A$0.08 low in October last year.
The recent share price increase may be a sign of recovering confidence in the business.
“BetMakers has continued to simplify its operating model and sharpen its focus moving forward,” said CEO Jake Henson upon the release of the results.
“The business is now defined across two operating segments being Global Betting Services and Global Tote, and the company has worked hard to streamline the operations to support these two pillars.
“With a much simpler and aligned business focus we expect to continue to unlock operational savings and enable scalability through technology.
“Renewed contracts with key partners continue to support our growth, whilst new customer onboarding is advancing strongly into the second half of FY24. Bringing these new opportunities to market remains a key operational focus in H2 FY24.
“Whilst we have made significant progress over the last 12 months, we’re conscious that the job is not finished. We remain very focused on achieving positive underlying EBITDA and operational cash flows, to provide a sustainable foundation for future growth.”