Betmakers Technology Group agreed to pay $20 million to buy wagering data firm Punting Form, which it says will help to improve margins and diversify its revenue streams.
The Australia-listed company said Punting Form is used by professional wagering syndicates and operators and forms an integral part of data requirements for professional horse racing participants. The sectional times can be used in conjunction with BetMakers’ technology to deliver enhanced features such as more accurate pricing algorithms, speed maps, runner comments and integrity benchmarking.
Betmakers said it sees the acquisition as strategically important and as adding “world-class technology.”
On closing of the acquisition, Betmakers will pay $3 million in cash, with the potential for a $17 million earn-out over the next three years if operational and profitability targets are met. These are about four times revenue and eight times EBIT as a Betmakers subsidiary.
“Sectional Times are at the forefront of any ratings system and required by any serious ratings engine. The synergies across our business are exceptional with both internal use and our external client base benefiting greatly from this acquisition,” said Betmakers CEO Todd Buckingham. “The team at Punting Form are very experienced in delivering B2B wagering solutions and we are excited to have them onboard at BetMakers.”
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