BET Ann: Cancellation of Tripp Securities - 2nd Feb 2023, 8:58am

[annb0t]

BET Ann: Cancellation of Tripp Securities
Price Sensitive: N
Date: 2nd Feb 2023, 8:58am

>>> Read announcement: Google: BET Market Announcements

 

[RHINO]

Straight off the bat, this guy is making an impression!

Nothing really new as far as info goes but its all about the optics and this guy is on to it.

I think we will see anything worth posting ,with raising the profile as the aim, to be the new norm.

On another note, just went onto the BETR site and ,not sure if its wishful thinking or not, but it seems much faster nd less clunkier!!!

A good sign if its on the improve as you do not want word of mouth working against you.

A few more heads to roll I think in the setup and please just end it with the old guy. Last thing we want is a male version of Julie Bishop prancing around tell everyone " look at me, look at me", having long expensive lunches.

Matt needs to clean sweep, and quickly, and add some SH value.

I like this guy!

 

[maggies22]

Yep - The master Davey is back and straight onto it!!

This is purely for optics - Tripp was never getting these shares .... same as Todd's 10m PS, highly unlikely he'd realise those.... just sending a msg to the marketplace

 

[RHINO]

Yep it does look good, Tripp probably doesn’t care……he got $15M for nothing.

Betr is probably faster because no one is using it maybe?

Haha, never thought about it that way ,but yes maybe less users. In fact I would bet on less users!!
They should have a trained Alsatian in the BET office that is trained to bite your arm off if anyone picks up a phone call from that man!
Superman had Kryptonite and we have Tripp! What a nightmare , hopefully we can wake up in time.

 

[fbbandco]

Word on the street is the Tripp has x months to try and turn BETR around otherwise the Murdoch's are taking Points Bet Aus arm (at this stage is looks more likely the Points bet Murdoch deal happens). I'd be interested to know peoples opinion on what the ramifications are for Bet Makers??

Understand there is a ten year agreement in place between BETR and Betmakers.......Therefore some sort of payment would need to be negotiated between BETR and betmakers.

 

[MICHAEL]

Interesting article published online in the AFR at 2.10 pm this afternoon.
Headline 'Betmakers scraps $15m bonus for gambling mogul Matt Trip'
There is a $15m payment (advisory costs relating to NTD deal) in the accounts for the period ending 30/6/2022.

If the detail in the article is correct, does this mean that Tripp would be required to refund the money?
If yes, would this be good opportunity to purchase approximately 50M shares in the buy back for the benefit of shareholders?

 

[MICHAEL]

Further to my comments above, I note that the original AFR article has now been corrected.
New Headline: 'Betmakers scraps extra bonus for gambling mogul Matt Trip"

Right at the end of the story:

Correction: A previous version of this story stated Mr Tripp’s $15 million bonus package from BetMakers was being cancelled. The company’s Thursday announcement was about a separate performance-based package.​

 

[Uraniborg]

Further to my comments above, I note that the original AFR article has now been corrected.
New Headline: 'Betmakers scraps extra bonus for gambling mogul Matt Trip"

Right at the end of the story:

Correction: A previous version of this story stated Mr Tripp’s $15 million bonus package from BetMakers was being cancelled. The company’s Thursday announcement was about a separate performance-based package.​

It’ll be interesting to read what gets printed tomorrow.

 

[Uraniborg]

See page 21 of today’s Fin Review.

 

[Ibetfixed]

Word on the street is the Tripp has x months to try and turn BETR around otherwise the Murdoch's are taking Points Bet Aus arm (at this stage is looks more likely the Points bet Murdoch deal happens). I'd be interested to know peoples opinion on what the ramifications are for Bet Makers??

Understand there is a ten year agreement in place between BETR and Betmakers.......Therefore some sort of payment would need to be negotiated between BETR and betmakers.

Interesting comments ….BET issued Tripp with the bonus shares of …I think …32mill on the basis of the BetR deal adding in excess of 10% of BETs annual revenue pa. BETs annual revenue run rate of $100mill would suggest that the BetR deal was required to add a minimum of $10mill a year in revenue …. Currently the minimum annual revenue BET can receive from the BetR deal is less than $10mill pa and if the BetR 10 year contract can be cancelled than the bonus shares issued to Tripp would spear to have been issued prematurely.

Anyone got any thoughts on this ???

 

[RHINO]

Interesting comments ….BET issued Tripp with the bonus shares of …I think …32mill on the basis of the BetR deal adding in excess of 10% of BETs annual revenue pa. BETs annual revenue run rate of $100mill would suggest that the BetR deal was required to add a minimum of $10mill a year in revenue …. Currently the minimum annual revenue BET can receive from the BetR deal is less than $10mill pa and if the BetR 10 year contract can be cancelled than the bonus shares issued to Tripp would spear to have been issued prematurely.

Anyone got any thoughts on this ???

My only thoughts is how this ever got so far before being pulled up?
It reeks of a boy's lunch conversation over a few bottles of red wine, no doubt on the Company account.
I have always viewed the ASX Investigative arm as a bit of a toothless tiger but at least this latest action has somewhat restored some faith back into the process.

My only regret right here and now is I am cash flow poor otherwise I would be going in boots and all as I see this as its second coming!

Good luck all and especially those jumping back in.

 

[fbbandco]

Definitely not touching BET's current price until there is some positive news - funny thing about that is, when positive news drops the share price heads south. I am very disillusioned with this stock........It certainly works to its own drum, not based on the normal mechanisms of wider market.

In fact I will be sitting out until consistent positive new flows.

 

[RHINO]

Definitely not touching BET's current price until there is some positive news - funny thing about that is, when positive news drops the share price heads south. I am very disillusioned with this stock........It certainly works to its own drum, not based on the normal mechanisms of wider market.

In fact I will be sitting out until consistent positive new flows.

There is nothing wrong with your logic and I would be a very rich man if I also followed it
Alas,I am a punter and I just can't help myself
I remember during the GFC, listening to a wise investor who was asked if we had reached bottom. He said you can never pick it but what you can do is wait until you see it rise ,say 20%,and look back over your shoulder and see the lowest point it hit.
I think we can start looking over shoulder next week!

 

[Ibetfixed]

My only thoughts is how this ever got so far before being pulled up?
It reeks of a boy's lunch conversation over a few bottles of red wine, no doubt on the Company account.
I have always viewed the ASX Investigative arm as a bit of a toothless tiger but at least this latest action has somewhat restored some faith back into the process.

My only regret right here and now is I am cash flow poor otherwise I would be going in boots and all as I see this as its second coming!

Good luck all and especially those jumping back in.

The issuing of Tripps shares for the BetR deal has never been questioned … maybe the timing of when the shares were issued should have been questioned ?? Ie maybe should have been issued after 1 years BetR revenue was banked to frank that the deal was adding greater than 10% to the annual BET revenue?? what was questioned was the additional $15mill

 

[Ibetfixed]

The inside word is that BetR are close to doing a deal to buy Pointsbet Australian business for $270mill.
I would like to think that Davey and Tripp will still have Betmakers interests at front of mind .. maybe BET will be able to tap into the Pointsbet back end technology team to get the BetR app improved ?

Incredible that the Australian arm of Pointsbet at $270mill is worth more than the current market cap of BET

Incredible that

 

[maggies22]

Yep hearing that a decision will be made in the next week or so.

Tripp would be leaving a large amount of money on the table if he was to tun is back on BET. So you'd like to think BET would be weaved into this.

 

[fbbandco]

What are the positives for Betmarkers in this deal? I cant think of any......Plus the optics stink in terms of a world leading tech business in the betting industry.........First shot at a betting app and the agencies leaves after 6 months for better tech!

 

[maggies22]

i tend to agree. maybe BET contribute something to the sale and take the tech?

2.5mil buy at 22c today ... someone looking for an in at that price. Davey want more?

 

[Ibetfixed]

What are the positives for Betmarkers in this deal? I cant think of any......Plus the optics stink in terms of a world leading tech business in the betting industry.........First shot at a betting app and the agencies leaves after 6 months for better tech!

The upside I see for BET is that BetR will be a much bigger entity after taking on Pointsbet which should ensure that BET maximise their annual revenue of circa $30mill pa in regards to the 10 year full service provider deal .. also BETs current arrangements with Pointsbet shouldn’t change .. and probably will be enhanced with BetR owning them

 

[Uraniborg]

Interesting comments ….BET issued Tripp with the bonus shares of …I think …32mill on the basis of the BetR deal adding in excess of 10% of BETs annual revenue pa. BETs annual revenue run rate of $100mill would suggest that the BetR deal was required to add a minimum of $10mill a year in revenue …. Currently the minimum annual revenue BET can receive from the BetR deal is less than $10mill pa and if the BetR 10 year contract can be cancelled than the bonus shares issued to Tripp would spear to have been issued prematurely.

Anyone got any thoughts on this ???

The March 2023 4C shows that we haven't even hit the 10% revenue uplift required for Tripp to get his shares, let alone the $15M bogus bonus paid on top.

That's my thought.