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Highlights:
- BetMakers will now be able to offer Penn's racing content outside its US and Canadian market.
- Under the partnership, both companies will have a revenue sharing arrangement.
- The agreement will continue until 31 December 2025.
Betting giant, BetMakers Technology Group Ltd (ASX:BET), on Thursday (30 June 2022), announced that it has signed a deal with Penn National Gaming. As per the deal, BetMakers has secured the rights to offer racing content of Penn National Gaming internationally, outside the company's US and the Canadian market, for fixed odds, booked bets and exchange wagering (if applicable).
BetMakers' share price has fallen significantly by over 68% in last one year on the ASX. The year-to-date loss is more than 59% (as of 2:36 PM AEST on the ASX today, 30 June).
BET shares, at 2:30 PM AEST, were spotted trading at AU$0.340 per share, down 1.449%.
More details on BetMakers’ deal with Penn:
The deal between BetMakers and Penn allows BetMakers to share Penn's racing content with its clients outside the US and the Canadian market. The deal also includes more than 946 race meetings per year for distribution to globally licensed wagering operators from 1 July 2022 onwards.
This agreement signed by BetMakers is going to be very profitable for both the parties, including shareholders of BetMakers. At present, the Global Racing Network of BetMakers' delivers its international racing content in over 30 countries. Apart from that, the company also offers new markets to the right holders, which offers them the provision to monetise their racing.
Image source: © Jirikabele | Megapixl.com
As a result of the commercially structured model of the agreement signed by BetMakers, the company’s Global Racing Network is supposed to bring incremental revenue streams to the rights holders in any country by transferring their existing content to the new international markets in a bundled package for wagering operators.
On the other hand, the company also has the provision to earn fees depending on the turnover percentage earned by wagering operators betting on the products in these new markets and also delivering rights holders new revenue.
Under the commercially sensitive agreement stated above, both BetMakers and Penn have agreed to sign another deal related to the revenue share. As per this deal, BetMakers will pay a minimum guarantee amount to Penn annually. The agreement will become valid upon signing, and it is expected to be effective till 31 December 2025.
About BetMakers:
Image Source © 2022 Kalkine Media ®
BetMakers Technology Group Ltd is an ASX-listed consumer service provider, holding a market capitalisation of AU$312.03 million. The company deals with the business of software development that is used by wagering operators and racing bodies globally. BetMakers successfully caters to all the technical needs of some of the most renowned and respected bookmakers and right holders in the world.