Chris Judd's Talk Ya Book Podcast · Chris Judd's Talk Ya Book

Tom Waterhouse

·20 min·1 clip

Waterhouse VC paid as little as A$30,000 for options on technology suppliers while holding about A$75 million in cash.

1. Chris Judd’s Talk Your Book features Tom Waterhouse discussing Waterhouse VC and its focus on gambling-technology suppliers. 2. Chris Judd hosts Tom Waterhouse, whose background includes on-course bookmaking, TomWaterhouse.com, and running William Hill’s business. 3. The episode asks whether investing in the supplier layer of gambling can produce large returns with limited upfront option costs. 4. Waterhouse says gambling-industry profits were shifting from operators such as Tabcorp, Sportsbet, and Ladbrokes toward technology suppliers. 5. Waterhouse VC buys options in companies providing e-sports data, racing data, mobile apps, platforms, vision, or voice betting. 6. Waterhouse says the largest option payment made by the fund was A$30,000. 7. The fund held about A$75 million in cash and invested part of it using screens based on 13F filings from Berkshire, Bridgewater, Tiger, Third Point, and Apollo. 8. Those screens favored companies trading below 20 times earnings, growing revenue above 20%, carrying little debt, and representing more than 1% of a portfolio. 9. Waterhouse says the selected companies had an average price-earnings ratio of 13 and median revenue growth of 28%. 10. He says those positions had outperformed the S&P by 11.8% since the fund began using the strategy. 11. Waterhouse VC bought a 2.5% stake in Racing & Sports at a 15% discount to its VWAP. 12. Waterhouse says Racing & Sports has maintained a proprietary horse-racing dataset for more than 25 years. 13. Gary Crisp is described as an industry leader in compiling racing data, while Steven Crisp is identified as Racing & Sports’ CEO. 14. Racing & Sports supplies data to racing bodies, bookmakers, breeding businesses, and professional betting syndicates. 15. The company also offers a betting platform, mobile app, and managed trading services, including its partnership with Stake. 16. Waterhouse argues that racing could fill product gaps for U.S. operators and expand among crypto-based operators. 17. He says Australia permits online pre-match sports bets and racing but not online slots or casino games. 18. Chris Judd and Waterhouse discuss whether restrictions could push customers toward offshore operators lacking player protections and taxation. 19. The tone is a concise investment interview focused on business models, gambling technology, regulation, and market expansion. 20. This suits listeners tracking gambling platforms, venture investing, racing data, and regulatory economics.

Listen to the show on

Apple Podcasts Spotify

Play clips from this episode More from Chris Judd's Talk Ya Book Podcast