IXUP accelerates growth plans after strong uptake of its iGaming Centralised Self Exclusion platform in 2024
IXUP (ASX: IXU) will accelerate its growth plans in 2025 following strong uptake of its world leading iGaming Centralised Self-Exclusion (CSE) platform in 2024, which has created a clear path to cash breakeven.
The company entered the North American market during the first half of the financial year, securing a five-year, $10 million contract with iGaming Ontario to provide the online gambling CSE platform for Canada’s largest gaming market.
IXUP said the planning phase of the program has been completed, with the solution build underway and on track for delivery.
First revenues
The iGaming contract represents the first revenues and near-term cash flow that IXUP will receive from the North American regulatory technology (RegTech) market, and cements IXUP as the only provider of technologically-advanced iGaming CSE solutions in the world
The company sees this sector as a major source of potential revenue growth in the near term from similar iGaming CSE opportunities, as multiple gaming jurisdictions look for ways to protect people at risk of gambling harm after the recent introduction of iGaming such an online sports betting.
IXUP is targeting positive quarterly operating cashflow by the end of the calendar year, subject to the expected timing of cash inflows and payments in line with current expected contract delivery.
The company said it was sufficiently funded to reach cash breakeven and is not considering any further capital raisings at this point.
Self-exclusion register
The iGaming Ontario contract complements IXUP’s existing BetStop contract with the Australian Communications and Media Authority (ACMA).
BetStop is Australia’s national self-exclusion register that allows individuals to temporarily or permanently exclude themselves from online and phone wagering services.
Once they have opted out, gaming providers can no longer take bets from, open accounts with or send marketing materials to these customers.
BetStop was developed by, launched and is now fully owned and operated by IXUP since August 2023 and has since enrolled over 36,000 users in Australia.
The platform accepted over 22 billion self-exclusion checks since launch of operation, with an average response time of less than 3 milliseconds per check, metrics that are compelling for potential future gaming jurisdictions.
Environmental JV
IXUP also signed a multi-year agreement in September to provide its secure data engine technology integrated with Microsoft Azure to the Shared Environmental Analytics Facility (SEAF) project in Western Australia.
The project is managed by the WA Biodiversity Science Institute (WABSI) in a joint venture (JV) with leading science research organisations such as CSIRO, the state’s major universities and government departments.
SEAF remains in the pilot stage, with further information on a forward program plan, timeframe and annual goals expected from WABSI by the end of this quarter.
New projects
IXUP’s UK-based subsidiary datapowa secured three new projects during the period for TRACK, its sports sponsorship measurement tool.
These include a partnership valuation for a Saudi Pro League football team’s sponsor, a naming rights valuation for a US university football stadium and an in-venue asset analysis for a US National Football League stadium.
Advanced discussions are also underway with multiple parties for new opportunities relating to Track and Venn, which is a secure audience data collaboration platform that helps sports properties and their partners enhance their sponsorship decisions.