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BetMakers has announced the acquisition of racing tech supplier Racelab Global Assets as it severs ties with Betr.

BetMakers said the deal will give it new capabilities including new race form, preview and statistics technology, as well as proprietary fixed-odds pricing solutions.

The purchase costs a A$1.5m (€910,000) total consideration, with a A$500,000 potential clawback depending on customer novation within 30-days.

The sports betting provider said the deal could see it expand its services into the harness and greyhound form and preview sectors.

The company will retain a Racelab contract with Sports Information Services (SIS) to develop products and services for their customers.

BetMakers CEO Jake Henson (pictured) said: “We are very pleased to secure this unique set of assets that hold tremendous potential for BetMakers.

“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.

“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.”

Betr and Betmakers sever ties

The purchase comes as Betr severs ties with its tech provider BetMakers as part of its merger with BlueBet.

The relationship will terminate after Betr completes migrating its customers to the BlueBet platform.

According to media reports, gaining access to BlueBet’s tech platform was an important rationale for the deal.

Under the amended agreement, Betr will continue to pay BetMakers for its services. This includes a A$3.75m payment already paid in March.

Other expected payments include a A$2.25m charge due 14 June.

An additional A$1.5m to A$2.0m must be paid by 13 September, with the final total dependent of whether the customer migration has completed by August 2024.

BetMakers will receive an additional A$500,000 per month from 1 October if the migration is ongoing.

The supplier argued the changes will lead to significant cost savings and efficiencies for BetMakers.

It added it believes the end of its relationship with Betr would expedite the timeline for the roll-out and launch of its upcoming NextGen platform.

Henson highlights cost savings

CEO Henson said: “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.

“In addition, we are content with the agreement on the ongoing terms that are a result of Betr entering into a new transaction.”

Henson argued the agreement will place BetMakers on a stronger footing by strengthening its cash position and relieving it of a significant resource commitment.

He added that the company can now reduce its cost base and redeploy technology and personnel for its NextGen roll-out.

Betr founder Matthew Tripp said: “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.

“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.”

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