Betmakers Technology Group Make Move on Sportech Assets
Oliver Moore / 10 February 2021

Betmakers Technology Group Make Move on Sportech Assets

Betmakers Technology Group, a major Australian gaming software, and technology firm have revealed that it generated $38.28 to public placements to fund new racing and online assets from British betting innovators, Sportech.

The firm listed among Sydney’s top ratings made a statement on Monday detailing that it generated the cash after it had ordered over eighty-three million dollars worth of stakes to professional and experienced investors. The shares were priced separately at about 0.46 dollars.

The gaming agency explained it was optimistic it would accumulate another 7.64 million dollars due to the share it purchased with all the funds generated even as it plans to procure Sportech’s sports betting investments.

With its base in Newcastle, the technology group had leaked information about plans to buy shares from Sportech last month. It later went on to confirm the completion of the contract revealing a $42.86 million cost. The company expressed its hopes during a press release indicating the final agreement would allow the company to break into the U.S market and expand its chances for fixed odds.

The corporation also hinted that the deal would accommodate customer networks in Europe, North America, and Asia. It further mentioned the deal’s potential to seal its position as an international leader in the enterprise of technology for racing.

According to the press release: “The purchase of Sportech’s racing and digital assets in the United States, U.K, and Europe would facilitate the plan for Intentional expansion and expand the international client base. It will further foster a special role to fully leverage promising vacancies in the United States’ appetite, including fixed-odds gambling. It considered the accession instrumental for the company’s financial and promotion of prospects.”

The technology group hinted that it had commenced negotiations with several operators as part of its preliminary process but wouldn’t provide information about the deals’ value. It confirmed that it would make public the pacts as much as they were sealed by its continuous disclosure obligations.