Shares in BetMakers Technology Group fell by 15% after the company reported negative adjusted EBITDA of A$27.9m for financial year 2023 (12 months ended 30 June).
While the B2B technology supplier saw a 3.7% year-over-year revenue increase to A$95m, primarily due to enhanced performance in the global betting services division, it still posted a loss of A$38.8m.
BetMakers’ results come after a period of reorganisation and restructuring.
In May, the company implemented a $20m cost reduction programme, which involved reducing the headcount from 568 employees to 440.
The firm also saw several management changes, including the appointment of Jake Henson as the new CEO.
BetMakers said revenue growth was boosted by the launch of its Next Gen wagering platform and managed trading service technology.
The expansion of content distribution rights and partnerships in global markets also contributed.
Its global betting services division accounted for A$43.1m of total revenue, up 6.1% on 2022.
Global tote remained its largest division, although this was down 3.5% year-on-year to A$45.3m.Betmakers’ global racing network added A$6.7m to the firm’s total revenue, an increase of 61% year-over year.
This growth was attributed to its new fixed-odds offering in New Jersey.
Henson described the year as transformative: “In FY23, BetMakers undertook an operational restructure based on costs and efficiency, while delivering key objectives around the development of our proprietary technology and making significant progress towards the goal of generating positive operating cash flow.”
