Wagering services provider BetMakers (ASX:BET)
is ramping up the company’s technological advancement, having acquired new databases, technologies and platform assets.
The company has announced the acquisition of racing database developer Form Cruncher’s IP and racing database for up to $2 million. The payment package consists of a $ 1 million upfront cash consideration and a $1 million deferred consideration subject to reaching performance milestones
Betmakers has recognised the deal as an upgrade to the company’s existing digital infrastructure. The purchase is tipped to allow the firm to grow its “overall product offering across a global footprint.”
The booming $963 million company has also snapped up the digital instrument and IP used for operating sweepstakes on Swopstakes’ betting platform for an upfront cash payment of $634,750 and performance-based add-ons worth a total of $15 million.
Betmakers vindicated its decision to clinch the Sweepstakes deal, “We have followed Swopstakes as a product for some time and have been impressed with both the concept and technology”
These acquisitions will be integrated into BetMakers’ core wagering network to fully optimise the newly attained technologies and data. The online bookmaker believes these new assets promise to enhance the company’s digital capabilities and client experience.
Shares in Betmakers close 0.4 per cent higher at $1.18 yesterday