Technology

Norwegian horse racing to go international as BetMakers wins 10Y contract

Mon 23 May 22, 3:25pm (AEST)
Generic image of a racehorse at rest
Source: Generic image of a racehorse at rest

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Key Points

  • BetMakers’ will sell its Global Tote software to the Norwegian horse racing regulator into 2030 with five year extension option
  • BetMakers will promote Norwegian horse racing internationally
  • Inaugural Derby Day event at Øvrevoll includes Listed Polar Cup 1,370m event

Betmakers Technology (ASX:BET) has won a ten year contract in Norway with the country's sole horse racing agency (read: regulator and provider) Norsk Rikstoto. 

The company’s share price has risen 1.4% to 52.3cps in mid afternoon trades. 

Specifically, Norsk has bought a subscription for a decade to BetMakers' tote software on a Software-as-a-Service (SaaS) basis with up to five one-year extension options available from 2032. 

The Agreement was minted between Norway's Norsk Rikstoto and BetMaker's Irish subsidiary, Racing Technology Ireland Limited. 

Norsk Rikstoto was founded in 1982 by the Norwegian horse racing industry as a private operator and is subject to Norwegian laws. 

(Source: Norsk Rikstoto) A horse named 'Seven Nation Army' on a pre-race waltz in Oslo, Norway
(Source: Norsk Rikstoto) A horse named 'Seven Nation Army' on a pre-race waltz in Oslo, Norway

Deal sees Global Tote software come to Norway 

The software being provided to Norsk Rikstoto in question is BetMakers' 'Global Tote Quantum engine' and full delivery of the product is expected for delivery in the last three months of next year. 

While revenue may not be immediately inbound for the company, the move holds a certain degree of international prestige. 

Norway's horse racing circuit includes a yearly Derby Day, held on the last Sunday of each August in the European Summer, and includes the prestigious Listed Polar Cup event, a 1,370 race held at Øvrevoll. 

BetMakers to promote Norwegian horse racing internationally 

As part of the agreement, both parties "intend to work together to better position Norsk Rikstoto and develop Norway racing as a global wagering product," BetMakers told the market today. 

It expects an expansion of international comingling opportunities to form part of this process, as well as a planned strategic increase in turnover and revenue by way of exporting Norwegian betting products to international markets. 

BetMakers hosts offices in Europe and also offers its Global Tote software product(s) to the US. 

BetMakers' 3 month chart compared to the Info Tech index (XIJ)
BetMakers' 3 month chart compared to the Info Tech index (XIJ)

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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