Ixup reports 18.5% jump in revenue underpinned by BetStop self-exclusion register

Gaming technology company Ixup (ASX: IXU) has seen its revenue from ordinary activities rise by 18.5% to $3.9 million in the six months to the end of December.

The company has continued to operate its flagship national BetStop register as a state-of-the-art centralised self-exclusion (CSE) platform that enables problem gamblers to opt out of online gaming service providers.

Ixup announced in September that BetStop – which the company operates on behalf of the Australian Communications and Media Authority – had surpassed 28,000 registered users in its first 12 months of operation.

iGaming contract

Ixup and US-based joint venture partner IC360 have been actively engaged in designing and developing an iGaming CSE solution for the Canadian market under a $10m contract awarded in August.

It represents Ixup’s largest contract win to date and the company sees this as a strong endorsement of its world-leading technology and delivery capability for advanced CSE registers.

The partnership won the five-year contract after a highly competitive tender process.

Secure data engine

During the period, Ixup achieved the first commercial deployment of its secure data engine through an agreement with the Western Australian Biodiversity Science Institute.

The deployment, which aims to preserve privacy by securing analytics with advanced encryption, will streamline the environmental approvals process for new projects statewide and has the potential for Australia-wide expansion.

The project is integrated with Microsoft Azure and is currently in the pilot phase.

Capital raisings

Ixup raised a little over $5m (before costs) via share placements to new and existing investors in September and December.

Chair Julian Babarczy said the proceeds would help accelerate the company’s organic growth initiatives, enhance its ability to secure key pipeline contracts and strengthen its position in the global regulated gaming technology market.

“This funding will empower us to build on our existing presence in Australia and Canada while advancing towards our goal of cash breakeven in 2025.”

Name change

Ixup announced in December that it was considering a name change and share consolidation to position the company for the next phase of growth.

The initiatives, both of which the board is still considering, would align with Ixup’s transition towards greater institutional interest and the potential for international investor ownership.

“The board believes that these changes will provide a stronger foundation for Ixup’s continued growth, creating long-term value for shareholders as the company solidifies its position in its targeted markets,” Mr Babarczy said.