Shares in BetMakers Technology Group Ltd (ASX: BET) were trading higher on Thursday after the company announced a multi-year agreement with global gambling operator Stake.
Under the agreement, BetMakers will deliver its RaceOdds+ solution to Stake to drive that company's global horse racing expansion, BetMakers said in a statement to the ASX.
The agreement is for an initial three-year period with a two-year extension option.
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Full tech suite provided
The company said other details included Stake gaining access to "BetMakers' full pricing and trading capability, global racing content, the BetStream racing vision player, and the Racelab suite of products – Insights, Live, Stories and Informatics''.
BetMakers added:
Additionally, the agreement will see BetMakers' proprietary Global Tote Hub provide tote pool access to stake.com customers, allowing them to wager on a global wagering menu of bet types from the world's premier racecourses – highlighting a unique feature of BetMakers' RaceOdds+ product offering.
BetMakers said the contract terms included a combination of fixed and variable revenue, with the contract to go live in the second half of the financial year.
BetMakers Chief Executive Officer Jake Henson said the company was thrilled to team up with Stake.
They are one of the fastest growing wagering platforms globally, with a reputation for speed and innovation. Securing this agreement is a strong validation of the depth and quality of our RaceOdds+ product and the broader BetMakers global racing strategy. We are excited and confident that providing stake.com with our full suite of racing technologies, including pricing and trading, rightsholder content, global tote access, streaming and the Racelab portfolio, will enable them to deliver a world-class racing experience to their modern customer base.
The news follows BetMakers striking a major deal with CrownBet earlier this month. BetMakers shares were trading 5.7% higher at 18.5 cents early on Thursday.
The company was valued at $195.7 million at the close of trade on Wednesday.
Bad news for competitor
But while the news was positive for BetMakers, it came at a cost to fellow listed operator RAS Technology Holdings Ltd (ASX: RTH), which was previously providing its Complete Racing Solution to Stake.
RTH said its contract with Stake would not be renewed when the contract finished in May next year.
The company went on to say:
The non-renewal is not expected to have a material impact on RAS's financial performance in FY26. The Company maintains a strong pipeline of opportunities for FY27, including the recently announced deal to provide a complete racing solution to the LeoVegas Group, and remains confident in its growth trajectory.
RTH shares were 11.9% lower at 85 cents in early trade.
