BetMakers Chief Financial Officer Anthony Pullin resigns; Interim CFO appointed

BetMakers Technology Group is undergoing a shift in its executive leadership as Anthony Pullin, its longstanding Chief Financial Officer (CFO), tendered his resignation, signaling the end of his tenure with the sports betting and technology provider since October 2018. Pullin's decision to step down will officially take effect on March 27th.

Pullin's professional background before joining BetMakers encompassed positions at businesses outside the gambling sector including White Cloud Capital, Duke Street, The Bank of England, and KPMG Australia.

While BetMakers has not disclosed the specific reasons behind Pullin's resignation, CEO Jake Henson expressed appreciation for Pullin's significant contributions throughout his tenure.

Jake Henson said: “We thank Anthony for his significant contribution to BetMakers. Over the past five years, Anthony has been a valued senior team member, adding financial rigor to our business. 

“He leaves BetMakers in a strong position, with the foundations in place for the company to achieve profitability. We wish Anthony all the very best for his future endeavors, where I have no doubt he will be an extremely highly valued team member.”

With Pullin's impending departure, BetMakers has swiftly moved to appoint an interim CFO, Warrick van der Merwe. Van der Merwe, who has served as Group Financial Controller at BetMakers since August 2021, will assume the CFO responsibilities on an interim basis while the company embarks on the search for a permanent successor to Pullin.

In tandem with the executive transition, BetMakers has provided an update on its Punting Form business, a strategic acquisition made by the company in November 2022. The acquisition of ABettorEdge, trading as Punting Form, was carried out at a value of AU$20.0 million ($13 million).

The sellers of Punting Form have achieved a key milestone outlined in the acquisition agreement, making them eligible for an additional $3.0m payment. BetMakers has committed to an initial cash payment of $500,000, with the residual $2.5m payment slated to be determined by the board and disbursed within the next 10 business days.

BetMakers reported financial results for H1 last month, with a revenue growth of 9.9% to $51.3m during the first half of the fiscal year, amid ongoing restructuring efforts.

The company's focus on minimizing its cost base, renewing contracts, and expanding its customer base across its three core segments - Global Betting Services, Global Tote, and Corporate - has yielded positive outcomes. This restructuring initiative has also resulted in a reduction in headcount from 456 to 414 employees during the same period.