Matt Tripp, the former chief executive of Beteasy and CrownBet, has entered an exclusive partnership with BetMakers, which will see him advise the Australian supplier on its B2B wagering strategy and purchase AUS$25m in shares in the business.
Under the arrangement, Tripp will support BetMakers with its expansion plans in the Australian B2B wagering sector, with the supplier already engaged with a number of parties in relation to opportunities leveraging its technology and data platform.
Tripp will also work with BetMakers to identify opportunities in the US market, with a focus on those that can leverage the supplier’s anticipated acquisition of Sportech’s tote and digital business.
Last month, an overwhelming majority of Sportech shareholders voted in favour of the deal to sell its global tote business BetMakers for £30.9m.
In relation to the partnership, Tripp will also subscribe for $25m of new shares in BetMakers, resulting in the issue of approximately 35.7m shares.
BetMakers has also received commitments of $50.0m cornerstoned by several existing institutions. The Institutional Placement, which will be undertaken at the same price as the proposed placement to Tripp, is expected to settle on 23 February.
Betmakers said all funds raised will be used to accelerate growth, specifically in pursuing and executing strategic opportunities.
“BetMakers has cemented itself with a compelling proposition in the global racing wagering market; they have built a formidable team with a highly trusted brand and established a global footprint with a large customer base,” Tripp said.
“I am delighted to invest into the company and take on a role to assist in growing the business at scale globally.”
BetMakers chief executive Todd Buckingham added: “We are thrilled to have secured Matt Tripp’s backing, both in the form a significant investment in the Company and also as a key advisor on strategic and transformational deals that he will now pursue.
“Matt has a proven track record over a brilliant career in the online wagering industry and his support for BetMakers is a great vote of confidence in our company.”
Confirmation of Tipp’s investment came after BetMakers also announced that Buckingham signed a three-year extension to his contract.
The renewed contract will mean that Buckingham will remain as chief executive until 30 June 2024.
“Through the support of the board and the world-class team we have at BetMakers I am pleased to be in a position where the next exciting phase of growth can be delivered for the company and its shareholders,” Buckingham said.
BetMakers chairman Nick Chan added: “Todd has delivered outstanding growth and opportunity for the company through his leadership and vision and the board is delighted to have secured his commitment under agreeable terms going forward.”
