RAS Technology lifts ARR to $21.1m on Hong Kong acquisition and new contracts

Online racing and wagering content provider RAS Technology (ASX: RTH) has recorded annualised recurring revenue (ARR) of $21.1 million, up from $18.3m at the end of December.

RAS attributed the increase to strong momentum in new customer acquisitions and contract extensions, including a $1.1m contribution from the company’s purchase last month of six established racing data and editorial publications in Hong Kong.

Those new assets delivered a 2024 financial year revenue of $3.6m, a figure RAS expects to grow strongly under its management.

Significant presence

The Hong Kong transaction provides RAS with a significant presence in one of the world’s largest wagering markets and should drive substantial growth opportunities across the broader Asian region.

Chief executive officer Stephen Crispe said the ARR growth reflected increasing market demand for the company’s solutions and the strength of its customer relationships.

“Our clients continue to recognise the value and quality we deliver, as evidenced by the successful integration of our Hong Kong acquisition,” he said.

“It demonstrates our ability to execute on expansion opportunities while maintaining operational excellence.”

New contracts

A number of new contracts in the six months to the end of June contributed to the ARR increase and reinforced the strength of RAS’s market position.

The company agreed to provide its software-as-a-service trading platform to drive a partnership between UK online sportsbook QuinnBet and iGaming sportsbook, casino and slots supplier Pragmatic Play.

The partnership provides QuinnBet customers access to official live data, video streaming and bet builders across more than 40,000 sports events every month, including action from many of the biggest leagues and markets worldwide.

Racing platform

RAS also agreed to act as a horse and greyhound racing data partner for sportsbook platform provider Metric Gaming.

The partnership enables Metric Gaming to consolidate its data supply with RAS, driving efficiencies and ensuring a future-proof racing solution.

Both parties anticipate this new proprietary racing product will unlock significant growth opportunities for them and their partners.

Entain agreement

RAS announced an agreement with Entain to provide additional runner preview and review comments, alongside a long-term deal to provide premium advertising and sponsored content on the racingandsports website for Entain’s Australian wagering brands Ladbrokes and Neds.

Other contracts signed during the period included a deal with Sportsbet to provide additional data and content for new jurisdictions and an upgraded agreement with SKY Racing to provide enhanced form and content into additional jurisdictions.

The company also locked down a range of smaller deals that will provide it with additional recurring revenue.