The Betmakers share price is down 14% to 12 cents. This follows the release of the betting technology company’s quarterly update. Betmakers reported a 4.1% decline in revenue to $22.3 million.

This was driven by soft conditions in the Australian wagering market. It highlights that the quarter was a challenging period for Australian operators as a result of the competitive landscape coupled with regulatory and taxation headwinds. This led to an underlying EBITDA loss of $2.5 million for the three months.

Commenting on the quarter, Executive Chair, Matt Davey, said, “We are continuing to execute on our strategy of enhanced operating discipline with the tightening of our operating expenses, and focus on higher margin, capital light revenue growth and profitability.

“There is substantial progress being made across the entire business, with new partnerships and new customers, as well as previously announced deals now going live, which are expected to contribute to the fourth quarter and beyond.

“I am proud of the BetMakers team and the way it is delivering on our strategy and transformation. Whilst we are seeing some headwinds in the Australian wagering market, our growing global base is expected to position us to manage these, and continue to grow the BetMakers business. The pipeline of new growth opportunities is the healthiest we have seen, so we look forward with confidence.”