Revenue from ordinary activities over the 12 months ending 30 June, 2021 amounted to AUD$19.5m (£10.4m/€12.1m/$14.3m), compared to revenue of $8.6m in FY20.
BetMakers’ chief executive, Todd Buckingham, reported that the increase in revenue was driven by growing demand for the company’s finance products and services in Australia and overseas. He also highlighted that this revenue figure includes two weeks of income from the recent acquisition of Sportech’s Racing and Digital business, finalized in June 2021.
Buckingham emphasized that BetMakers’ share price has risen from $0.045 to $1.07 in the past two years, showcasing the successful execution of the company’s strategy and the consistent value growth delivered to shareholders.
| Revenue Sources | Amount (in $) |
|---|---|
| Australia and New Zealand | 13.5m |
| United States | 2.5m |
| United Kingdom and Europe | 2.4m |
| Rest of the World | 1.1m |
During the year, the business incurred a cost of sales worth $9.3m, showcasing a significant increase from $2.2m. As a result, the gross profit amounted to $10.2m, witnessing a growth of 61.1%.
However, expenses rose at a faster pace compared to revenue, primarily due to share-based payments, which amounted to $12.4m, substantially higher than the $885,026 in 2020. The majority of these costs were related to the Sportech acquisition.
Employee benefit expenses and professional fees both more than doubled from the previous year, costing the business $9.1m and $1.8m, respectively. Administration expenses amounted to $974,126, showcasing a 47.6% increase. IT and occupancy expenses reached $692,582 and $205,247, respectively, both considerably higher than the figures from 2020. Depreciation and amortization expenses amounted to $2.7m, up from $2.1m, while the impairment of receivables cost an additional $98,976.
Finance costs totaled $100,637, down from $481,618, whereas other expenses substantially increased, reaching $3.1m, compared to just $88,175 in 2020.
All these costs resulted in a loss before income tax benefit amounting to $20.9m, compared to a $2.4m loss in the previous year. After considering an income tax benefit of $3.5m, up from a $277,844 benefit in 2020, BetMakers ended up with a total comprehensive loss of $17.5m, contrasting the previous year’s loss of $2.1m.
