"The acquisition is intended to accelerate BetMakers' international growth plans with a significantly expanded global customer base. BetMakers is now in a strategic position to fully capitalize on emerging opportunities in the U.S. market, including Fixed Odds wagering," stated the company in a press release.
Completion occurred after BetMakers received the last of its regulatory and other approvals and clearances which were required prior to completion. A number of regulatory and other approvals are now expected to be formally received after completion, following significant engagement with all regulators.
The acquisition of the Tote and Digital Business enhances BetMakers' position to capitalize on growth opportunities in international wagering markets and is anticipated to materially expand the Company's global customer base, technology, and geographic reach. These assets provide BetMakers with a platform to target growth in the United States, including with respect to Pari-Mutuel and Fixed Odds wagering.
Todd Buckingham, BetMakers Managing Director noted: "The successful completion now allows us to continue to execute the next stages of our global strategy. It is not often that such compatible international wagering assets become available in our industry. Accordingly, BetMakers views this acquisition as a pivotal step in seeing the business become the center of global wagering. We intend to continue to expand in all regions where we see complementary synergies for our business that fits this vision."
"I am delighted that we have been able to reach this significant milestone and I now look forward to integrating these transformational international wagering assets which we expect will unlock enormous benefits for BetMakers," he continued
"I would like to officially welcome all of our new Sportech team members into BetMakers' growing family, and we look forward to continue working with our global workforce to deliver results for racing bodies, racetracks, and wagering operators globally," Buckingham concluded.
As previously announced to the ASX on 1 December 2020, the business assets acquired by BetMakers comprise the following: