12 questions asked at 2022 Betmakers questions

January 16, 2023

Here is the text of the 12 questions asked at the 2022 Betmakers hybrid AGM held on November 22, plus a summary of the answers. No webcast archive provided even though AGM debate generated ASX queries and media coverage.

1. Tabcorp is calling for restrictions on gambling advertising. Is that a threat to our BETR venture given that we are trying to challenge established giants.

Answer: not really our issue but BETR already has 300,000 customers.

2. Who are the key people we are dealing with at News Corp as part of the BETR joint venture and are we nervous about being in a joint venture with them given that they are currently fighting with Flutter, their US gambling joint venture partner and also previously fell out badly with Tabcorp with their Sun Bets joint venture in the UK.

Answer: not appropriate to name people but happy to be in partnership with News Corp.

3. BETR was an aggressive bidder for the WA TAB and was reportedly in exclusive negotiations but then missed out. What happened and how big would our investment have been if we'd secured the WA TAB?

Answer: Can't really discuss what happened but the WA Government has now taken it off the market.

4. Could new director Rebekah Giles and the chair comment on the recruitment process that led to her appointment to the board. Was a head hunter involved, did the full board interview Rebekah and did they interview any other candidates? Did Rebekah know any of our directors before engaging with the recruitment process?

Answer: she knew one of the directors and there was no recruitment firm involved.

5. Money laundering through gambling licensees has been a big focus in Australia thanks to the issues at Crown Resorts and Star Entertainment. Have we been impacted by the regulatory backlash and how relevant are our products in terms of tracking and preventing money laundering by criminal interests.

Answer: it's an important issue that we try to help our clients with.

6. Macquarie Group owns 11% of our stock. What is the history of their investment in our company and how are they contributing to our success?

Answer: they are not really involved strategically with the company.

7. Matthew Tripp has a history of forming relationship with partners and then selling out, moving on and starting again as a competitor. He's done it to Paddy Power and Flutter and then chose Betmakers as a vehicle to launch again, but it has been complicated with the BETR deal. Is this transformational deal you're talking about related to the WA TAB?

Answer: he's providing a lot of useful introductions.

8. Is Matt Tripp more financially aligned to the success of Betmakers or BETR?

Answer: not asked.

9. Given the interesting discussions across a range of topics today, could the chair undertake to make an archived copy of the webcast plus a full transcript of proceedings available on the company's website? The likes of Nine, AGL, ASX, ANZ, Domino's and Lend Lease all produced their 1st AGM transcripts in 2021. Will you follow suit today? This is something IAG has been doing since 2003.

Answer: yes

10. There has been a lot of political turmoil in Sri Lanka. What has that meant for our 100+ technology staff in Sri Lanka and how much do we pay a typical Betmakers employee in Sri Lanka.

Answer: it's tough in Sri Lanka and we're supporting our people as best we can.

11. It is very unusual for a small company like Betmakers to get so many detailed online AGM questions from a range of different shareholders. Do you think some of these are coming from competitors or short sellers?

Answer: The online written answer from a Neil Carter was "no".

12. We have 200 clients around the world. Is Tabcorp one of them or are they hostile to us? What about Flutter? Are we are a supplier to them or do they do all their own technology in house?

Answer: yes, both are clients and we'd love them to be bigger clients.