• Revenues down 19.4% to $41.4 million
• Loss after tax up 27.1% to $17.1 million
• Completed migration of Australian customers to Apollo platform

BetMakers Technology Group Ltd reported a 19.4% decline in revenues to $41.4 million and a 27.1% increase in loss after tax to $17.1 million for the half-year ended 31 December 2024. The decline in revenues was driven by the loss of a key customer, lower variable revenue from Global Tote's existing premium customers, and lower than expected turnover and trading conditions for BetMakers' platform customers. The company has undertaken a material change to its cost base, aimed at improving operating leverage and operational efficiency. Key highlights include the completion of the migration of BetMakers' Australian platform customers onto the Apollo platform, further restructuring of the GBS staff cost base, the development of the BetMakers international partnership model for the distribution of the Embedded Racebook and API Products, the launch of Bet365's fixed odds offering in New Jersey and Colorado, and the continued expansion of the Global Tote footprint and strong renewals. The company remains focused on improving operating margins, delivering on its technology roadmap, and generating revenue growth in the future.

The company expects the cost reduction initiatives, combined with the anticipated improvements in gross margin from the Apollo Platform, to result in improved financial performance for the GBS division in future periods.

BetMakers is seeing an increasing number of potential growth opportunities for the business and anticipates strong incremental margins from its key growth initiatives. The company has established a partnership sales channel, which is expected to help accelerate the scaling and distribution of BetMakers' Apollo products, including both Price Manager and BetMakers' Embedded Racebook solution.