BetMakers, an international wagering technology firm, recently unveiled a strategy to trim expenditures and enhance productivity throughout its organization. This initiative is projected to substantially diminish operational costs and generate considerable financial benefits for the company in the future.
To optimize operations and unlock its full capabilities, the company has implemented a series of adjustments to its board of directors and leadership team. Regrettably, this reorganization has led to some workforce reductions.
Independent Director Nick Chan stressed that these measures are intended to strategically reposition the business, with a sharp emphasis on operational rigor. The principal objectives are to reinstate positive cash flow, elevate cost-efficiency, and refine capital deployment.
The modifications encompass adjusting the yearly employee count and significantly curtailing operational expenses. The company aspires to slash costs by 23%, from $91.5 million in the initial six months of fiscal year 2023 to roughly $70 million (unaudited) in the first quarter of fiscal year 2024. These cost reductions are primarily attributed to restructuring within the worldwide operations and technology divisions.
Consequently, the overall number of personnel is projected to contract by approximately 23%, from 568 as of December 31, 2022, to around 440 by the first quarter of fiscal year 2024. The company estimates that executing this global efficiency plan will entail an expenditure of between $2 million and $2.5 million.
BetMakers Chief Executive, Jake Henson, emphasized the firm’s successful cost framework modifications, accomplished by utilizing in-house technology and strategically assessing operational blueprints. This continuous endeavor will be driven by a dedication to technological investments and growth strategies for their platform and offerings, both within the country and globally.
Chairman of the Board, Matt Davey, stressed BetMakers commitment to enhancing operational effectiveness, refining their worldwide operational framework, and ultimately, positioning the company for lucrative expansion.
Davey explained, “This reorganization will bring a keener emphasis on our central platform and offerings, which will ultimately amplify the advantages and worth we provide to our domestic and international clientele.”
This announcement follows closely on the heels of gaming provider Kwiff broadening their current collaboration with BetMakers Technology Group for equine and canine racing solutions.
