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Background to the restructure
The Company's strategy for the past three years has been focused on growth and has created a range of global opportunities that are viewed as highly lucrative. The exponential growth and the geographically diverse nature of this expansion has required the Company to invest in processes and systems as required of a leading global technology business. This includes cyber-security, ISO certification, regulatory and compliance frameworks. Whilst transitory in nature, the implementation has consumed valuable management resources and added materially to the cost base.
The three revenue divisions of
The Global Betting Services division, which is the Company's platforms and trading division, is in strong growth mode and, with the recently delivered BetR contract and technology platform, represents a significant business opportunity that is ready to scale globally.
The Global Racing Network division is relatively embryonic, but the potential is underpinned by a strong platform in the
Looking Ahead
The Board and Executive management team of
The intended purpose of these changes, collectively, is to enable the optimisation of the full potential of the business in an accelerated time frame. It is designed to align the skill base of our key executives to the areas that will deliver maximum shareholder value for the Company.
Commenting on the changes,
"The Board, working with management, have concluded that this restructure creates absolute clarity and focus to deliver on our growth plans for shareholders. I welcome
"In practical terms, these changes are designed to affect a strategic reset of the business, with a clear shift from growth to optimisation plus execution.
"This will entail an increased focus on operational disciplines, specifically a return to positive cashflows, cost efficiency, and optimal capital management. The changes will also allow the team to execute on growth opportunities, particularly international fixed odds and the Global Tote International Pools.
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"Finally, we are delighted to announce the promotion of
Jake is a highly regarded wagering industry professional who has been fundamental in the success of our core Global Betting Services business division of Platforms and Managed Trading Services. Jake's unrelenting focus on operational excellence will drive revenue growth and profitability across the whole organisation.
"These changes support our urgency to deliver on the next phase of profitable growth for the business. It aligns the three business units of
Commenting on his appointment to the Board,
"Over the last 25 years as an executive in the industry, and through my investment company
"I am delighted, after discussions with management and Board members, to be re-investing my energy and time to delivering on these opportunities. I am taking on the role of President and Executive Chairman to work closely at a Board and management level with the intention to get results for all shareholders. I have confidence in the team, I have a strong belief in the market opportunities, and I will begin with an urgency in our approach to deliver results."
Commenting on the Board and Management changes,
"I am especially proud to have been the founding CEO of
"The decision to transition from CEO to a focused delivery role on our international opportunities and growth initiatives came after an internal review to best position the Company for accelerated growth and how best I could assist in capitalising on these opportunities.
"I have no doubt that we have assembled some of the best and most forward-thinking racing, wagering, and technology executives in the world. "I would like to congratulate
"I am also thankful for the past and ongoing support of the Board and look forward to the next exciting phase for
About
Contact:
Company Secretary
E: companysecretary@thebetmakers.com
M: + 61-409-083-780
Investor and Media Relations
E: investors@thebetmakers.com
M: +61-405-555-618
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