BetMakers Technology Group has completed the issue and allotment of 83,333,334 fully paid ordinary shares to raise $50 million before costs.

Funds received from the placement, in conjunction with existing cash, will be used to fund the company’s acquisitions of the racing and digital assets of leading international online sports betting company Sportech PLC.

Separately the company is currently in negotiations of commercial terms with several operators. While the company is currently unable to determine the materiality of such negotiations, the company will notify the market of such transactions in due course in accordance with its continuous disclosure obligations.