Racing and Sports (ASX:RTH) inks deal with Picklebet; shares up

2 min read | October 12, 2022 01:53 PM AEDT | By Team Kalkine Media

Racing and Sports (ASX:RTH) inks deal with Picklebet; shares up — Image source: © Shariffc | Megapixl.com

Highlights

Racing and Sports (RAS) inked a 2-year deal with Picklebet.

Under the deal, RAS will provide Picklebet with its risk managed trading services.

The commencement date of the deal is 12 October 2022.

RAS Technology Holdings Ltd (ASX:RTH) announced on Wednesday that it had entered a 2-year contract with esports betting company Picklebet. According to the ASX release, Racing and Sports (RAS) will provide Risk Managed Trading Service (RMTS) and customer-facing content to Picklebet to support its racing product.

Racing and Sports operates in the global racing and wagering industry and provides fully integrated data and content to its customers.

Additionally, the agreement is expected to be significant for Racing and Sports because it marks the ASX-listed company’s entry into the risk managed trading market for betting operators. Racing and Sports believes that its robust technology, data modelling, and efficiency could provide it a competitive advantage.

Meanwhile, at 11:15 AM (AEDT), the shares of RAS were trading at AU$0.55, up 0.015 points, or 2.80% on the ASX. On a year-to-date (YTD) basis, the share price has fallen over 65%. The past month fall for the share stands at over 16%.

What did RAS’ management say?

A glance at a few key contract terms

The agreement will continue for the next two years.
Picklebet will pay Racing and Sports a minimum monthly fee or a percentage of Net Gaming Revenue (NGR) (whichever is greater) in exchange for the services to be supplied by Racing and Sports.
The start date of the contract is 12 October 2022.

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