BetMakers Technology Group Ltd and BetMakers DNA Pty Ltd Sign Conditional Commercial Agreements to Build and Operate New Wagering Products with Companies Associated with Australian Racing Identity Tom Waterhouse
January 28, 2020 at 03:49 am IST
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The Board of BetMakers Technology Group Limited announced that the company and its wholly owned subsidiary, BetMakers DNA Pty Ltd. (BDnA) have signed conditional commercial agreements to build and operate new wagering products with companies associated with Australian racing identity Tom Waterhouse ("Waterhouse Group"). BetMakers and BDnA have agreed to terms to provide technology, data and services for: tomwaterhouse.com betting application ("App") to be offered to the tomwaterhouse.com 80,000 members and designed for dual purposes of offering punters access to Australian bookmakers, delivering the best price(s) in the Australian wagering market from the one application, while at the same time providing wagering operators with a low-cost customer acquisition platform. Waterhouse global pricing and trading desk - a B2B Managed Trading Services ("MTS") solution for wagering operators that are looking to outsource their trading operations. It intends to allow any wagering operator to have an outsourced Waterhouse team, powered by BetMakers technology, manage day-to-day bookmaking across hundreds of races with a solution aimed to reduce costs for the operators with minimal risk. The Waterhouse Group can provide `Pricing and Trading' services along with `Minimum Guaranteed Returns' to wagering operators that use the B2B service. As part of the deal, the BetMakers will receive revenues generated from both products in a shared arrangement with the Waterhouse Group. In addition, Waterhouse's venture capital arm ("Waterhouse VC") will receive performance rights ("Performance Rights") which will convert into options over shares in BetMakers ("Options"). The number of Options which may be issued on conversion of the Performance Rights will be calculated with reference to the amount of revenue the new products derive for BetMakers over a 2 year period. Each Option issued will have an exercise price of $0.18, which is a 10% premium to the 20-day VWAP as at 24th January 2020. Both agreements are conditional on shareholder approval, and will commence on BetMakers obtaining all necessary shareholder and regulatory approvals in respect of the issue of the Performance Rights (the material terms of the two agreements are annexed to this announcement). BetMakers and BDnA have signed an agreement with the Waterhouse Group to provide technology and services for a Managed Trading Services ("MTS") solution for existing and potential wagering operators to outsource any part - or all - of their trading operations to a new global trading desk covering racing around the world.
BetMakers Technology Group Ltd is an international provider of advanced wagering technology, data, content, and service solutions with a footprint that spans the racing and betting markets. The Company is engaged in the development and provision of software, data, and analytic products for the business-to-business (B2B) wagering market and the production and distribution of racing content. Its segments include Global Betting Services, Global Tote, and corporate. The Global Betting Services segment provides customers with a variety of racing software, data, and analytical tools. This includes basic race data, such as pricing, runners, and form, as well as analytical tools to consume and leverage the data, and wagering tools, such as platforms and managed trading services. It also assists racing bodies and rights holders in producing and distributing race content. The Global Tote segment includes the provision of tote software and integrations to facilitate tote liquidity and resulting.
BetMakers Technology Group Ltd and BetMakers DNA Pty Ltd Sign Conditional Commercial Agreements to Build and Operate New Wagering Products with Companies Associated with Australian Racing Identity Tom Waterhouse