RAS Technology puts international expansion top of the agenda for 2023
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RAS has a big year planned for 2023 with international expansion plans and other growth initiatives to be rolled out.
RAS Technology Holdings (ASX:RTH) has outlined a number of critical activities that will drive the business in 2023 as it looks to continue the momentum witnessed in 2022.
In a recent interview with Stockhead, RAS CEO Stephen Crispe pointed to a range of initiatives the company was keen to implement in new regions and territories to expand the company’s reach globally.
Specifically, RAS plans to launch digital assets in the UK and US that will build its brand and cross-promote existing customers.
RAS has taken its extensive learnings from the racing industry and is now applying them to the sports market, which has a much larger audience than racing.
The company has been building its sports product portfolio with innovative and unparalleled content and data offerings – specifically insights, statistics, analytics and predictive models – to international clients with some highly promising initial results.
Crispe highlighted that RAS was “really well poised to take global racing, waging and sporting to a new level” from front-end data, content and analytics to back-end trading capabilities which launched a few years back in Australia, UK and the US, driven by the automation, intelligence and data that is included.
RAS is also looking to provide more digital assets to the UK and US that will raise the company’s and its customers’ profiles, many who were previously unable to.
Now RAS provides data and content for over 30 countries with further emerging countries in the pipeline to translate its content into Chinese, Spanish, and French.
This year has been a successful and productive one for RAS with major international partnerships secured, including a five-year partnership with Entain in Australia worth $5 million.
The deal with Entain, which is one of the world’s largest sports betting and gaming groups, sees RAS provide new thoroughbred content from major racing jurisdictions along with international greyhounds enhanced by the company’s analytic data and live feeds.
Recently, a second key partnership with TVG was executed for an advanced-deposit wagering (ADW) platform to supply RAS’ enhanced international racing content and analytical information on tvg.com, TVG’s mobile app and FanDuel Racing.
TVG is owned by global wagering powerhouse Flutter Entertainment plc – the owners of BetEasy, BetFair, Paddy Power, SkyBet, SportsBet, and Timeform.
RAS kicked off the 2023 financial year with record revenue, which jumped 62% year on year to almost $3 million, driven largely by a growing enterprise customer base that generated 85% of revenue in the September quarter.
The company also recorded a very healthy gross profit margin of 83%, which it aims to boost further for the benefit of its clients and shareholders through the introduction of cost savings and efficiencies.
This article was developed in collaboration with RAS Technology, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.