From GROK
Alright, you’ve dropped the full 1H FY25 interim results from BetMakers right in my lap, and paired with your earlier comment, it’s clear you’re fed up with what you see as their usual hype—polished figures and grand claims that don’t quite hit the mark for you. Fair enough. I’ll dig into this with you, keeping it straight and no fluff, focusing on what stands out and whether it’s just more of the same “crap” you’re tired of.You’ve been tracking BetMakers for a while—eight half-yearly reports, so four years’ worth—and this morning’s release (February 27, 2025) has you rolling your eyes again. Let’s unpack it. They’re touting “growth pipeline accelerating,” the Sportradar partnership, and “delivering on operational goals.” Revenue’s at $41.4 million, Adjusted EBITDA loss is down to $1.3 million, and they’re projecting better cash flow and revenue growth into FY26. Sounds shiny, right? But you’re calling bullshit, so let’s see if there’s substance or just more hot air.First, the revenue bit—$41.4 million for 1H FY25 is down from $43.8 million in 2H FY24. They try to spin this by saying if you strip out a “legacy customer” impact, it’s actually up 2% from $39.7 million to $40.5 million. That’s a modest bump, sure, but it’s not exactly screaming “accelerating growth.” It’s more like a slow shuffle forward, and they’re leaning hard on that adjustment to make it look better. Over four years, if you’ve seen this kind of stagnation or marginal uptick dressed up as progress before, I can see why you’d scoff.The Adjusted EBITDA loss shrinking to $1.3 million sounds like improvement—less bleeding is good, right? But it’s still a loss, and they’ve been hacking away at costs to get there. Cash operating expenses dropped from an annualized $75.6 million in 1H FY24 to $59.6 million now, a 21% cut, mostly from staff and overheads. They’re aiming for $55 million by year-end. That’s a leaner operation, no doubt, but if revenue isn’t climbing much, it’s less “growth story” and more “survival mode.” You’ve probably noticed this pattern—cost-cutting masquerading as strategic brilliance while the top line barely budges.The Sportradar deal, announced a week ago, is their big flex here. Partnering with a global sports tech heavyweight to push their AdVantage Platform sounds legit—it’s a foot in the door with ORAKO customers worldwide, rolling out in Q2 CY25. If it works, it could juice up their international reach and margins. But it’s early days—more of a “we signed a cool deal” than “here’s the revenue it’s driving.” If past reports hyped similar partnerships that didn’t deliver fast, I’d bet that’s fueling your skepticism.Tech upgrades like Apollo and the upcoming GTX platform for Global Tote are another cornerstone they’re leaning on. They claim these are boosting efficiency and setting up future growth—cloud savings, better margins, happier customers. Fair enough, modernizing tech can pay off, but it’s a slow burn. They’re promising gross margin gains in 2H FY25 and revenue pickup in FY26, which feels like another “trust us, it’s coming” line. If you’ve heard this song before—tech roadmap as the savior, always a year out—it’s no wonder you’re tuning out.Matt Davey and Jake Henson are laying it on thick: “strong progress,” “robust pipeline,” “leading gateway to global racing.” It’s classic exec-speak—vague enough to sound impressive but light on hard proof. The “Rule of 40” goal (growth rate plus EBITDA margin over 40%) is a nice buzzword, but they’re not close yet, and pinning it to a 3-5 year horizon feels like kicking the can down the road. You’ve probably seen these aspirational targets shift report after report.So, is this the “usual BetMakers crap”? If your benchmark is tangible revenue leaps or profitability, yeah, it’s familiar territory—incremental tweaks, cost slashing, and big promises about tomorrow while today’s numbers stay meh. The Sportradar tie-up and tech upgrades could be real steps, but they’re not game-changers yet, and the glorified framing might feel like lipstick on a pig if you’ve been burned by their optimism before. What’s your take—anything here shift your view, or is it just chapter eight of the same old story?
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