Matthew Tripp’s $25m flutter with Betmakers won’t stop a tilt at Tabcorp

Matthew Tripp is back in the wagering game, leading a $75m raising for Betmakers and advising the group on a ‘transformational deal’.

Matthew Tripp has been without a job after his BetEasy was acquired by Sportsbet. Picture: Stuart McEvoy

Matthew Tripp’s role in leading a $75m raising and advising on key deals for Betmakers will not scratch him from a potential tilt at wagering giant Tabcorp.

The digital betting pioneer has entered an “exclusive partnership” with Betmakers to accelerate its business-to-business wagering strategy -- a move that potentially puts the listed wagering technology company in the frame as part of one of the consortium’s bidding for Tabcorp.

Big private equity firms have been circling Tabcorp, with two consortiums in hot pursuit and keen to strike a deal that would result in Mr Tripp heading the company.

Mr Tripp has agreed to subscribe to $25m of the new Betmakers shares to be issued under the $75m placement. He has also been contracted as a strategic advisor to the company, a role in which he will pursue potential deals in Australia and internationally.

“BetMakers has cemented itself with a compelling proposition in the global racing wagering market. They have built a formidable team with a highly trusted brand and established a global footprint with a large customer base,” Mr Tripp said.

“I am delighted to invest into the company and take on a role to assist in growing the business at scale globally. I see clear opportunities to support that growth through inorganic and organic deals both in Australia and internationally.”

Betmakers shares surged 15.3 per cent to $1 on Wednesday, compared with a 0.5 per cent dip across the broader share market.

Mr Tripp, the 46-year-old former boss of Sportsbet and later CrownBet and BetEasy, has been without a job after his BetEasy was acquired by the local Sportsbet via a merger of their global parents last year.

As part of his agreement with Betmakers, he will be involved in helping strike a “strategic deal” aimed at lifting the company’s revenue by more than 10 per cent. If successful, he will be issued 35 million unquoted performance rights.

Mr Tripp will also advise on a “transformational deal” aimed at more than doubling Betmakers’s revenue and earnings before interest, tax, depreciation and amortisation. If he pulls that off, Mr Tripp will be issued 32 million unquoted performance rights and 32 million unquoted options at 70c apiece.

“We are thrilled to have secured Matt Tripp’s backing, both in the form a significant investment in the company and also as a key advisor on strategic and transformational deals that he will now pursue,” Betmakers chief executive Todd Buckingham said.

“Matt has a proven track record over a brilliant career in the online wagering industry and his support for BetMakers is a great vote of confidence in our company.”