In what can be considered a massive win, horse racing and wagering company Racing and Sports Technology (ASX: RTH) has bagged the support of global online casino and sportsbook Stake.com—whose sponsorship portfolio includes the likes of Canadian singer Drake and the Stake F1 team, UFC, among others. This partnership will aim to establish racing (and, consequently, RAS) on a global scale.
The two-year RAS-Stake agreement includes a further one-year renewal period. The contract will kick off once Stake.com’s racing offer goes live, which is expected to be in the first quarter of 2024. This has the potential to be the most significant deal RAS has ever signed.
Stake is a major player in the online betting universe. It has had over 200 billion bets on its platform since launching in 2017, including over 100 million bets through its sportsbook, which launched only in 2019. Stake also supports over 25 currencies (including cryptocurrencies) for betting on its platform.
RAS CEO Stephen Crispe said, “We are thrilled to embark on this exciting journey with Stake.com, the highest volume betting platform globally. This strategic partnership will not only broaden Stake.com’s wagering offering by adding racing but also further positions Racing and Sports as the go-to provider for industry-leading and fully integrated racing and wagering solutions on a global scale.”
RAS’s history extends beyond Stake’s, having been established in 1999. It specialises in offering comprehensive premium data and content to the worldwide racing and wagering sectors. RAS caters to both consumer and enterprise markets, serving a diverse range of clients in the racing and wagering industries. These clients include names such as Entain Group (which includes Ladbrokes and Neds), Flutter Group (which includes Sportsbet, Paddy Power, and Betfair), Tabcorp, BlueBet (ASX: BBT), Bet365, Singapore Pools, Australian Turf Club, Hong Kong Jockey Club, and Racing Victoria.
Under the agreement, Racing and Sports will give Stake a complete racing package, including premium data and content in key languages. RAS will also provide access to Enhanced Content, a Trading Manager Platform, and Risk Management services, all integrated into Stake.com’s existing betting platform.
Stake will pay RAS based on a percentage of the net gaming revenue generated from the racing offering.
Stake Commercial Director Jarrod Febbraio said, “We are excited to partner with Racing & Sports and take our product to the next level with one of the leading racing odds and software providers in the industry. We are eagerly awaiting to go live on the platform and offer additional options for our customers to explore.”
Just last month, RAS secured another milestone contract, securing a three-year exclusive agreement with Playbook Engineering, a prominent UK platform provider. Per the $800k contract, RAS will supply wagering technology, racing data, and editorial content, integrated into Playbook’s platform for all associated brands.
The recent contract signings demonstrate stability for shareholders, who saw a 15% growth in customer count from FY22 to FY23. In FY24, up until October 31, 2023, the Company had already generated $5.05 million in revenue, a 34% increase on PCP. With three additional wins secured in December and January, the outlook for the current financial year appears promising.
Alinda is a Business Reporter for The Sentiment
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