BET Ann: FY22 Half Year Results Presentation - 28th Feb 2022, 9:59am

[annb0t]

BET Ann: FY22 Half Year Results Presentation
Price Sensitive: Y
Date: 28th Feb 2022, 9:59am

>>> Read announcement: Google: BET Market Announcements

 

[7SOL]

Kinda quiet here

 

[billyidol]

I liked it; unless my cursory glances tell me otherwise, they were profitable - with the exception of the share based payments expenses. Revenue growth was amazing at 473% versus prior period (1H21).

Positive cashflow, no debt, money in the bank at $110m, increasing profit margins and continued investment in hardware, BUT nowhere near the same levels (read: drain on $) as last year, which is good. It means to me that most of the heavy lifting is done.

What's not to like ?! Clearly the shorters will never be satisfied, cannot wait to see them hoisted on their own petard. You can't keep a good man down, or as the Chinese proverb says "paper cannot wrap fire"; you cannot supress the truth and one day, this will turn, and the only fire that there will be, shall be the fire that burns the shorters...and there will be weeping and grinding of teeth

Personally, I can't wait for next quarter and then the full year results in August 2022, which I'm tipping will see CO or NY come on board (or at least have held significant discussions with us), plus the effects of fixed odds.

 

[ScottBET]

Wandering what peoples thoughts are on the webinar today- I was reasonably impressed and have more conviction with holding long term. I missed bits and pieces of the webinar (but look forward to the recording) but some key points I noted:

1. I asked the question about discussions with TAB on international opportunities- Todd pretty much said no we don't have time to discuss as both parties have a lot on their plate (Tab with demerger) and BET fielding enquiries from potential partners.
2. I also asked about TRIPP and is he working on deals- Jake said that he is currently helping with the partnership deals to ensure that we can extract the most benefit for BET. They were more than happy with the value he is adding to the company. They have factored his share based payment into the accounts (this is either confidence or an accounting requirement?).
3. There was a question on foxbet Aust- I think Todd said that they were still in discussions but Bet are focused on the product they have and how to fit it in with any new player to the Aust Market.
4. 7th of May is the launch day of FO in new jersey and they are expecting good revenue in 6 months.
5. Soft launch in March is ensuring all the systems are working as they should and then signing upthe 33handles in NJ.
6. MTS has been a raging success it has exceeded expectation of both BET and the Bookies with more to sign up- this is a good sign!.
7. The terminals we inherited through the sportech acquisition are old, costly and difficult to repair quickly (i.e. lots of downtime) the investment in the new terminals (which we have seen significant expenditure this last half) will ensure a better product and be quick and easy to fix and minimising downtime.
8. Tab takeover bid sent a clear messsage that we should not be playing in the sportbook space- we will stick to our B2B business.
9. Non-committal on what states are next but they are focused on NJ getting it right.

I'm sure I have missed more points but will have to wait until the recording is released.

 

[7SOL]

I’m drawing a blank on MTS, can you remind me?

 

[billyidol]

TheBigDance posted a good summary that was in line with the above, however, it's in 'the other place' and I didn't want to regurgitate it here, for obvious reasons.