BetMakers raises $9 million to fund US acquisitions and repay debt

BetMakers Technology Group is moving forward with two strategic U.S. acquisitions—Las Vegas Dissemination Company (LVDC) and software firm Protocol Zone—backed by A$13.7 million (US$9 million) in newly raised capital from an institutional placement and an oversubscribed retail share purchase plan.

The ASX-listed technology provider announced that the share purchase plan (SPP) generated A$1.2 million, surpassing the original A$1 million target. Shares were issued at A$0.10 each, aligning with the terms of an earlier A$12.5 million institutional placement completed in June. The two raises generated A$13.7 million when combined.

According to BetMakers, the proceeds will be used to fully repay outstanding debt and fund content and access agreements. These include agreements connected to its New Jersey fixed-odds wagering operations.

The funding also supports the acquisition of LVDC, a licensed provider of pari-mutuel wagering services in Nevada. BetMakers entered into a binding term sheet to acquire LVDC for $800,000. The transaction is subject to regulatory approval.

The company said it intends to invest in modernizing LVDC’s infrastructure and expanding its services beyond Nevada.

Meanwhile, BetMakers is also acquiring the intellectual property assets of Protocol Zone, a US-based software company that provides tools for data delivery, pricing, and in-race odds management.

The acquisition is expected to close by August 1. BetMakers plans to integrate Protocol Zone’s software into its Global Racing Network platform to support pricing and content distribution functions.

Under the SPP, 12 million new shares have been allocated. These shares rank equally with existing ordinary shares.