Racing data and analytics provider BetMakers Technology Group said that it has now concluded its buy-back of 10% of the business' shares.
The buy-back – which began on 12 July 2022 – saw BetMakers repurchase 30,626,884 shares using the business’ cash reserves. Following the announcement, the provider’s shares rose 13%.
The news comes in the aftermath of BetMakers making a number of changes to its senior management team.
In January, the business announced a restructuring which saw CEO Todd Buckingham step down to take on the newly created position of chief growth officer.
BetMakers North American CEO Christian Stuart also announced his exit from the business in April as part of the organisational restructure.
The news came as BetMakers warned that it was facing negative growth in Q2 due to its outstanding investment commitments.
This trend continued in the company’s Q3 report. In the financial quarter the business saw continued cost pressures keeping the business at a loss, ..