In January, BetMakers announced a cost base reduction and global efficiencies program. This program included several senior management changes, such as Todd Buckingham stepping down as CEO to become the Chief Growth Officer and Jake Henson being appointed as the new CEO. Matt Davey also joined the board as President and Executive Chairman.
The purpose of these changes was to optimize the provider and unleash its full potential. BetMakers conducted an operational review over the past four months, resulting in a reduction of annualized staff and operating overheads from AU$91.5m to AU$70.0m. The number of employees is expected to decrease from 568 to 440 by the start of 2024.
These cost reductions were achieved through the restructuring of global operations and technology, as well as streamlining and consolidating key software offerings. The implementation of the global efficiencies program is estimated to cost between $2.0m and $2.5m.
Jake Henson emphasized the company’s commitment to delivering long-term shareholder value and stated that the restructuring will provide a clear path to profitability. The goal is to create a more streamlined operating structure to maximize growth opportunities.
Matt Davey highlighted the company’s focus on operational efficiencies, simplifying the global operating model, and positioning the company for profitable growth. He also emphasized the increased focus on the core platform and products to enhance value for domestic and international customers.
