Australian wagering technology firm BetMakers Technology Group has inked a two-year market access and content agreement with online bookmaker Bet365. Under the terms of the agreements, BetMakers will offer fixed-odds bets on thoroughbred horse racing to Bet365 customers across New Jersey and Colorado.
Bet365 will be licensed to distribute BetMakers’ thoroughbred racing content to players in New Jersey. The arrangement also covers thoroughbred and harness racing in Colorado.
In return, Bet365 will pay BetMakers a ‘Market Access Fee’ based on a percentage of all fixed-odds bets placed on all thoroughbred racing in New Jersey, and a ‘Content Fee’ for fixed-odds bets on BetMakers’ content in both New Jersey and Colorado.
BetMakers’ CEO Jake Henson stated: “We are very excited to be launching fixed odds betting on thoroughbreds in partnership with a leading sportsbook in the US. This is a significant milestone for BetMakers and aligns with our strategy for fixed odds betting on thoroughbreds in the US.”
“The sports betting market in the US is starting to mature and the interest from operators in horse racing as a product is expected to become even stronger. The high frequency of horse racing can deliver high engagement and high-margin returns to operators. We believe the opportunity for both BetMakers and the racing industry more broadly to be significant in the long term,” he added.
BetMakers' CEO Jake Henson
BetMakers said the deal marks the entrance of the first major operator to New Jersey’s fixed-odds horse racing market and, as such, the revenue value of the deals is yet to be established. However, the Australian firm did say it expects the contracts to be material to its strategic progress. It also noted the deals could encourage other operators to enter similar arrangements and for other states to consider fixed-odds approvals.
Back in April, BetMakers reported a 4.1% decline in revenue for Q3 FY24, amounting to AUD22.3 million ($14.8 million), attributed to soft trading conditions in the Australian market. Despite this, the company remains focused on expanding its global revenues and customer base, with the U.S. identified as a critical market.
As part of this U.S. expansion plan, the company provided an update on its activity in the region in Q3. BetMakers said its roll-out of an embedded tote solution with Caesars in Nevada is progressing, and the company is also now active in Iowa, with the Bet365 deals expanding on this.
Concurrently, Bet365 is under investigation by AUSTRAC, the Australian financial intelligence agency, to determine whether the company has profited from proceeds of crime. The investigation follows an audit, and potential penalties for non-compliance could include substantial fines and increased regulatory oversight.
Original article: https://www.yogonet.com/international/news/2024/06/03/72462-betmakers-partners-with-bet365-to-offer-fixedodds-horse-racing-betting-in-new-jersey-and-colorado
