Australia: BetMakers acquires RACELAB's global assets for almost $1M in cash

BetMakers Technology Group has completed its acquisition of  RACELAB's global assets. Under the deal, BetMakers will pay a total consideration of AUD1.5 million ($978,127) in cash with a clawback of up to AUD500,000 ($326,042) dependent on key customer novation within 30 days.

According to a press release, the move adds leading race form, preview, and statistics technology to BetMakers’ ecosystem, as well as proprietary fixed odds pricing technology and associated algorithms. Additionally, the acquisition also offers potential for BetMakers to further expand its services in the harness and greyhound form preview racing sectors and bring new customers to BetMakers. 

As per the announcement, the deal provides an ongoing partnership with global racing rights holder SIS (Sports Information Services Limited) to develop products and services for the firm's global customers.

Jake Henson, BetMakers' CEO, 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."

"In addition, we are uniquely placed to integrate the RACELAB operations into our existing global infrastructure, driving new revenues via our existing sales channels and continuing to develop upon the strategic vision of both ProFORM and ODDS Engine technologies. 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," he added.

Meanwhile, BetMakers is set to end its platform and services agreement with Betr in the wake of the latter’s acquisition by BlueBet, announced earlier this week. 

BlueBet Holdings has entered a binding asset sale agreement to acquire the Betr wagering business. BlueBet will issue approximately 265.4 million fully paid shares to Betr shareholders, which equates to around 56.9% of BlueBet’s current shares. The merger is expected to triple BlueBet's customers under 35 and provide Betr with better technology.