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Racing and Sports PTY wants to become betting's next data and media goliath, joining the high ranks of Sportradar, Genius Sports, Stats Perform and IMG Arena.
Racing and Sports PTY wants to become betting's next data and media goliath, joining the high ranks of Sportradar, Genius Sports, Stats Perform and IMG Arena.
The Canberra upstart, which is eagerly awaiting its ASX Exchange listing later this month, is targeting an AUS $69 million (€45m) market capitalisation to accelerate its expansion beyond Australian shores.
Publishing its ASX prospectus, Racing and Sports PTY has disclosed that it aims to place 19.3 million shares at $1.50 each as it seeks to raise $29 million (€20m) in working capital to fund its expansion in overseas territories.
Interest in Racing and Sports PTY's listing has been amplified by the confirmation that FTSE100 online gambling behemoth Entain Plc has agreed to take a 10.3% stake in the company.
The prospectus further disclosed that Racing and Sports PTY had increased pro forma revenue 39% in the 2021 financial year from the year prior, while its pre-tax earnings swung from a $600,000 loss to a $1.4m profit.
Meanwhile, the Australian racing data providers annualised monthly recurring revenue jumped 75% to $6.6m in the year.
The ASX listing will see company founders and long term leadership duo Gary Crispe and Robert Vilkaitis cash-in on their combined 48% stake in the company which will net a $11.5 million windfall for the pair.
Racing and Sports PTY confirmed that Gary Crispe will stay as Chief Commercial Officer, while Mr Vilkaitis will retain his role as Chief Technology Officer.
Online article taken from SBC News, published on Friday, 5th November 2021, Author, Ted Menmuir.