In a notable change within the executive suite of BetMakers, Anthony Pullin is set to vacate his role as Chief Financial Officer (CFO) on March 27th. Pullin, who has been at the financial helm of BetMakers since October 2018, will be concluding a tenure marked by considerable developments within the company.
The reasons for Pullin’s departure from BetMakers were not disclosed, but his impact over the past five and a half years has been highlighted by the company’s leadership. CEO Jake Henson applauded Pullin’s contributions, acknowledging the significant enhancements brought about in the provider’s financial practices under his guidance. Henson expressed gratitude for Pullin’s commitment to the financial integrity of the company, signifying that the CFO leaves behind a robust fiscal framework designed to propel BetMakers towards profitability.
Pullin’s background encompasses a wealth of experience in finance roles across various industries. Before his arrival at BetMakers, he held positions in entities that extended far beyond the betting sphere, having worked with White Cloud Capital, Duke Street, The Bank of England, and KPMG Australia.
As the company prepares for Pullin’s departure, it has been confirmed that Warrick Van Der Merwe will step in as interim CFO. Van Der Merwe, who has been managing the financial controller duties at BetMakers since August 2021, had been working closely with Pullin and led the Australian and group financial reporting teams. His resume boasts a diverse experience in financial roles, including time at Edify Energy, Excite Holidays, and a shared history with Pullin at KPMG Australia. This transition phase will see Van Der Merwe steer the company’s finances whilst BetMakers searches for a permanent replacement for the CFO position.
Coinciding with this corporate shift, BetMakers also released an update regarding its Punting Form business. The acquisition of ABettorEdge, trading as Punting Form, for AUS$20.0 million back in November 2022 has achieved a milestone, with the sellers producing North American race and sectional data. This achievement unlocked a ‘special event’ within the acquisition agreement and entitles them to an additional $3.0 million. The payment structure includes an initial cash payment of $500,000, with the remaining $2.5 million to be determined and finalized by the board within the next ten business days.
Punting Form, armed with proprietary intellectual property and artificial intelligence, fashions sectional times and benchmarks for horse racing, providing valuable time-based ratings systems. It serves a diverse clientele that includes professional wagering syndicates, betting operators, content creators, and form analysts.
Henson expressed satisfaction with the development and performance of Punting Form. BetMakers plans to further integrate Punting Form into its core offerings over the next year, including the NextGen wagering platform, as part of its continuous quest to enhance its product suites.
These developments coincide with BetMakers’ recent financial report, which demonstrated a robust 9.9% increase in revenue to $51.3 million during the first half of the fiscal year, despite ongoing restructuring efforts. The company has diligently worked on streamlining its operations and optimizing its cost structure across various segments – Global Betting Services, Global Tote, and Corporate. The restructuring initiative, announced in May 2023, resulted in the reduction of headcount from 456 to 414 in just six months, reflecting a focused approach towards financial efficiency.
The announcement of Pullin’s exit adds to the wave of executive changes in the Australian gambling industry. The Star Entertainment Group, another major player in the sector, has also announced leadership changes with Robbie Cooke stepping down as group CEO and managing director and Christina Katsibouba exiting the CFO role. A broader industry trend towards executive turnover seems to be emerging as companies position themselves for a dynamic and evolving market landscape.
