Fundamentally, it was a transformational year for the Society.
Revenue increased by
This growth, achieved with a positive adjusted EBITDA margin, stems from the execution of strategic planning, including: new long-term commercial contracts; development and implementation of new products; organic growth; and asset acquisitions that have expanded the Company’s global operations.
FY22 was the Company’s first full year of operations since the completion of the
The Company has offices in 11 locations around the world. It is represented by a qualified and diverse staff of more than 500 people.
The caliber of the company’s international workforce is highly respected, and I am particularly pleased with the integration of business units operating in large geographies around the world. Our people have been remarkably resilient and adaptable during the restrictions of a global pandemic and other challenges.
Collectively, across the company’s three major revenue divisions – Global Betting Services, Global Racing Network and Global Tote – it is the people and products of
I would also like to point out that as a rapidly growing company expanding into new regions,
This included updated systems and controls (including redundancies and contingencies) for security and compliance. By setting best-in-class standards, such as achieving the world-leading ISO27001 certification, it has positioned the Company to take full advantage of these investments.
Consistent with this growth trajectory, the fundamentals of the business remain stronger than ever, and the company’s strategic direction to complete previous transactions and capitalize on the ever-increasing global opportunities in the betting landscape remains unchanged.
The Board of Directors and management recognize that Fiscal 22 presented challenging market conditions for shareholders with respect to the Company’s share price.
We recognize that at the macro level, there has been a global pullback in tech growth stock valuations, but we do not believe that the stock price performance of
The Company is aware of short sales of its shares. Access to stocks to sell short came as a surprise given the fundamental performance of the company and the beliefs of the board and management who are heavily invested in and aligned with its success.
The management team and Board of Directors will continue to focus on the company’s fundamental revenue drivers and on executing results that deliver results for shareholders.
The Company reported revenues of
Growth was largely driven by the following factors: the expansion of the company’s managed trading platform and services (MTS) offering under the Global Betting Services division; expanding content distribution rights and delivery to licensed betting operators under its Global Racing Network division; and the full-year recognition of revenue associated with the acquisition of the racing and digital assets acquired from
The culmination of this growth of talented people across global geographies has given the company the ability to successfully execute the foundations that have been built – and the contracts that have been executed – over the past few years.
Key appointments for FY22 included the addition of two new board members,
During the year, the company named Christian Stuart, a former senior executive at Caesars Entertainment, to the key role of CEO of
Some of these key contracts include:
– Signed agreement to be the exclusive technology supplier of the NTD consortium for the Betr platform, with potential revenues exceeding
– Launch of 12 additional platforms on the Australian market;
– Execution of 8 other platform agreements through
– Execution of an amended agreement with the
– Expanded our North American content to over 12,000 races per year for distribution in international jurisdictions and across
– Signature of a binding framework agreement to become the exclusive provider of mutual betting services on the races of
– Selected as a new catch-all and technology and service provider for the country of
– Extended pari-mutuel services agreement with
Betr’s launch in the Australian market was very successful, with some 300,000 registrations. The platform withstood a significant volume of traffic with a peak of more than 8,000 bets per minute during the spring carnival.
The Company is well capitalized with
The investment in Betr and other initiatives has caused
As such, we are well positioned to meet future cash requirements, including ongoing acquisitions, capital expenditures and organic investments required by the business.
We have also invested heavily in our cybersecurity, ISO27001 certification, regulatory frameworks and procedures, and of course in our people. It has been a real transformation for the company and a significant investment, but positions us as a world-class player in a rapidly growing global industry.
Management and the Board of Directors are focused on executing the company’s strategy and realizing the multiple opportunities for growth that our unique set of assets offers.
The year ended with confidence, enthusiasm and substantial gains, with the Company positioned to reap the rewards of the successful operation of
We would not be in this position without the invaluable support of our shareholders, our dedicated Board of Directors and every employee globally, and we are truly grateful.
Email: [email protected]
Email: [email protected]
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