The ASX’s compliance unit has questioned BetMakers over its payment to entrepreneur Matt Tripp.
The ASX-listed BetMakers is defending a $15 million payment to entrepreneur Matthew Tripp, pushing back against “intelligence” from the market operator that the cash was allegedly a personal favour from the CEO.
Matt Tripp owns 47 per cent of online wagering company Betr, and is a strategic adviser to BetMakers.Investors have soured on BetMakers, one of a cohort of unprofitable stocks which are being punished by rising interest rates. And while Mr Tripp’s Betr continues to attract investment andIn April, BetMakers signed an agreement with Mr Tripp’s Betr to provide the technology and back-end of the new online bookmaker.
It claimed that at last month’s annual general meeting, BetMakers CEO Todd Buckingham “made comments to the effect” that the money was paid “because it was more than a strategic deal and because Matt [Tripp] has helped me personally”.BetMakers fired back at the ASX’s compliance questions on Tuesday, with both the compliance queries and BetMakers’ reply made public.
“Mr Buckingham’s comment referred to the support, advice and guidance Matt Tripp had offered BetMakers and Mr Buckingham in his role as CEO prior to and since executing the Betr deal, and which are outside of the services Tripp is contracted to provide.”
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