BetMakers forges ahead with US quest

by Mia Chapman Last Updated
BetMakers forges ahead with US quest

An Australian gaming technologies and software firm has announced it has raised about $38.28 million via a public placement, to help it acquire the racing and digital assets of British pools betting innovator Sportech.

World Casino Directory reports that the Sydney-listed BetMakers Technology Group Limited detailed the cash was raised after it offered more than 83 million shares to sophisticated and institutional investors individually priced at around $0.46.

The Australian supplier explained it is now hopeful of being able to bring in an additional $7.64 million courtesy of a share purchase plan with all of these funds subsequently going towards its procurement of Sportech’s sports betting assets.

The Newcastle-headquartered company inked the deal, costing $42.86 million in December 2020.

The company declared it hopes the finished arrangement will allow it to drive rapid United States expansion and fixed odds opportunity, grow its customer base in Europe, Asia and North America and establish itself “as a global leader in business-to-business wagering and data technology for racing.”

BetMakers said it has begun negotiations of commercial terms with several operators, but stopped short of providing details concerning the potential worth of these deals even as it offered an assurance that it would “notify the market of such transactions in due course in accordance with its continuous disclosure obligations.”

MGM flags interest in buying Ladbrokes

MGM Resorts International is seeking to buy British gaming company Entain, owned of popular gaming brand Ladbrokes.

Yahoo Finance reports that the latest move from MGM would double down on its online gambling business.

The Las Vegas-based company recently offered roughly $10 billion all cash for Ladbrokes, with the overture rebuffed.

The exact details and value of the new bid is not known, but is above the $17.55 a share MGM had previously offered late last year.

Entertain has more than 3000 betting shops under the Ladbrokes and Coral brands.

It rivals William Hill and Flutter Entertainment in Britain.

Media mogul invests in MGM Resorts

A media mogul has purchased a near $1 billion stake in MGM Resorts.

CNN Business reported in August that the stake was purchased by Interactivecorp (IAC), a conglomerate run by media mogul Barry Diller.

The amount purchased amounts to about a 12 per cent interest in the Las Vegas-based global casino and hotel giant.

Shares of MGM Resorts surged nearly 15 per cent on the back of the news, while IAC’s stock was down about two per cent.

William Hill to close 119 UK betting shops

Popular bookmaker William Hill said it is shutting 119 betting shops in the UK.

Yahoo News reported in June that the company, which has 1,500 UK outlets said it did not expect customers to return in the numbers seen before the COVID-19 pandemic.

It said about 300 staff were impacted and most had been redeployed elsewhere.

William Hill said it is repaying 24.5 million pounds of UK furlough funds as trade has recovered well post-lockdown.

Its comments come as it reported pre-tax profits of 141 million pounds in the first six months of 2020, compared with a loss of 63 million pounds last year.

Its revenues fell by a third though, to 554 million pounds, reflecting the impact of lockdown and so many sporting events cancelled.

William Hill employs 7,000 people in the UK and a further 5,000 people in 9 other countries.

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