BET Ann: Appendix 4D and FY22 Half Year Financial Report - 28th Feb 2022, 9:55am

[annb0t]

BET Ann: Appendix 4D and FY22 Half Year Financial Report
Price Sensitive: Y
Date: 28th Feb 2022, 9:55am

>>> Read announcement: Google: BET Market Announcements

 

[ScottBET]

BET Ann: Appendix 4D and FY22 Half Year Financial Report
Price Sensitive: Y
Date: 28th Feb 2022, 9:55am

>>> Read announcement: Google: BET Market Announcements

Not a bad announcement not great. However, they are tracking along nicely, all the bits of the puzzle are being put into place. The foundations are being laid- people need patience with fixed odds in the US- give it 12 months. Noting it is a soft launch in March- thus wont move the share price needle at all. I think we are at least 12 months away from it hitting the books substantially.
I think there was a bit of gold in the announcement:
-Contract and launch additional bookmakers in UK and Australia- could this be FoxBet?
-Work with our International partners to form a web of Global Racing Network partners- we saw this with Fridays media around Century Casinos- once we get economies of scale we will have racing available 24/7 covering all time zones. The more partners we sign the better the product.
-Signed extension to commingling services agreement with Hong Kong Jockey Club- this one is the long game the holy grail would be fixed odds in Hong Kong- an extension means they must be happy with us.
-Signed contract extension with Leidsa- this is in Dominican Republic
-Sign and roll out agreements with major US and European partners- we haven't heard much in the European space yet...
-Continue to build out the Global Tote concept by connecting customers further to encourage pooling across the globe

For the next 6 months, things that got me a little excited:
-Contract and launch additional Australian bookmakers on BetMakers’ platform
-Expand our tote network with a focus on new customer acquisition across the Northern Hemisphere

Laying the foundations to become a leading global player.

 

[billyidol]

Not a bad announcement not great. However, they are tracking along nicely, all the bits of the puzzle are being put into place. The foundations are being laid- people need patience with fixed odds in the US- give it 12 months. Noting it is a soft launch in March- thus wont move the share price needle at all. I think we are at least 12 months away from it hitting the books substantially.
I think there was a bit of gold in the announcement:

-Signed extension to commingling services agreement with Hong Kong Jockey Club- this one is the long game the holy grail would be fixed odds in Hong Kong- an extension means they must be happy with us.

Got to agree Scott re: HKJC. Anyone who has ever been to HKG knows very well, HKJC is a legal monopoly over betting on horse racing and football. You want to place a bet, you have to go through them.

HKJC was also instrumental in persuading the Hong Kong Government to pass the Gambling (Amendment) Bill 2002 to combat unauthorised cross-border gambling (i.e. in China, where it's much harder to do so, hence everyone goes to HKG SAR or Macau).

Interestingly, the Act makes it a criminal offence for any person in Hong Kong to bet with an unauthorised bookmaker, even when the bets are received outside Hong Kong. A lot of this latter provision was around collecting the duty on bets that with offshore bookies, was lower; essentially, there are no other bookies in HKG because (a) you have to be approved or exempted by the Government and (b) the HKJC "is it", hence, everyone else would be 'unauthorised' by definition. Nice work for whoever can partner that.

The HKJC also persuaded other members of the Asian Racing Federation to sign the "Good Neighbour policy", meaning an agreement among horse racing bodies that no signatory shall provide betting on horse racing to residents of another signatory's jurisdiction without its permission, nor solicit, market nor advertise betting without prior authorisation from that other signatory.

If BET can get in there, it's a gold mine.