Racing and Sports (RAS), a tech, data, digital and media company that serves the horse racing industry, has posted record-breaking Q1 financial results in its native market. The company’s revenue increased by 62% thanks to a successful business strategy.
RAS’ Revenues Skyrocketed
In Q1 of the new fiscal year, Racing and Sports reported revenue of $1.82 million (converted from AUD), representing a huge year-on-year increase. The company’s annualized monthly recurring revenue also experienced a noticeable rise to $6.12 million.
In addition, RAS has no shortage of funding and reported a cash-and-cash-equivalents balance of $6.37 million as of September 30.
The company’s soaring revenues were attributed to its quickly-growing customer base. According to RAS’ leadership, enterprise customers remain a core focus of the company. The higher-ups praised the team’s success in finalizing many new strategic deals that would reinforce the company’s business.
The company’s results led analysts to believe that its current valuation is inadequate and should be much higher. MST Access, for example, believes that a reasonable valuation should be $0.65 (USD), instead of the current $0.37 (as of the time of this writing). According to the analytics firm, RAS is poised for growth and will likely continue its momentum in the following years.
The Leadership Is Happy with the Results
Q1 of the new fiscal year also proved to be a favorable period in terms of strategic agreements. The period saw RAS ink a major agreement with the global gaming and betting giant Flutter. This followed an agreement extension with Entain, inked in the earlier quarter. As a result, RAS now powers several major gambling companies, including Racing Victoria, Tabcorp, Flutter, Entain, bet365, Betfair and the Hong Kong Jockey Club, among others.
Stephen Crispe, RAS’ chief executive officer, spoke with Stockhead about his company’s performance in the quarter. He noted that his team is known for delivering best-in-class racing data and solutions. The company’s Wagering 360 platform leverages these capabilities to provide operators with an all-in-one solution for entering the racing market.
In other news, RAS recently provided the Victorian Racing Club with a new product called Inside Run. The latter is a digital race guide that informs bettors of everything they should know prior to a Melbourne Cup Carnival race. Inside Run leverages AI tech to simulate a possible outcome of the last 400m before the race has even taken place. The solution also makes an approximate prediction of which will be the top three horses.
RAS’ unparalleled data paired with its robust solutions continue boosting the company’s business.