BetMakers and GVC Holdings form global racing partnership
Under the GVC Holdings agreement, BetMakers will continue servicing GVC’s Australian brands and extend its product offering, while rolling-out its technology into international markets.
BetMakers Technology Group (ASX: BET) has been backed by international betting giant GVC Holdings PLC with the duo agreeing to form a global racing partnership that involves rolling-out BetMakers’ proprietary technology and wagering products throughout Australia and other international markets.
According to BetMakers, GVC is one of the world’s largest sports-betting and gaming groups and it holds licences in more than 20 jurisdictions worldwide, while employing more than 25,000 staff across five continents.
GVC scooped up Ladbrokes Coral Group Plc in March last year – making it the UK’s largest high street bookmaker.
The UK Ladbrokes acquisition also gave GVC ownership of Ladbrokes Australia brands including BetMakers’ existing customers Ladbrokes and Neds.
BetMakers chief executive officer Todd Buckingham said the deal with GVC is “reinforcement of the power” of BetMakers’ technology and products.
“We’ve had a very successful ongoing relationship with the Ladbrokes Australia team, which has ultimately led to the wider deal with the global GVC group.”
“BetMakers is excited to have such a world-leading partner to roll-out our products into global markets as we continue our mission to be the best technology company for both global wagering operators and racing bodies to partner with,” he added.
The deal
Under the GVC agreement, BetMakers will continue servicing GVC’s Australian brands and extend its product offering.
The agreement also paves the way for BetMakers to integrate its global racing technology products with GVC’s brands across the UK and other international markets.
The products that will be rolled-out include BetMakers’ fixed odds and price manager systems, global tote co-mingling engine, live streaming racing channel and custom-built trading platforms.
Commenting on the partnership GVC commercial director Jamie McKittrick said the decision to team up with BetMakers was based on “key criteria” that the company’s “customers expect the best offering in the market”.
“We have been impressed with the global reach of BetMakers combined with their technological agility,” he added.
Meanwhile Ladbrokes Australia chief executive officer Dean Shannon said that BetMakers has been critical to the company’s technological solutions within Australia.
“Given how we have been able to work with BetMakers’ technology to help grow revenue and manage costs, it makes sense that our parent company plans to replicate and scale the successful partnership BetMakers has with Ladbrokes Australia into other important markets around the world,” Mr Shannon explained.
BetMakers share price rocketed on the deal – rocketing 111% to an early morning high of $0.205, before slipping to $0.155 by midday – up almost 60%.