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ASX 200 rises, Betmakers soars, REA Group drops

The ASX 200 went up today, though REA Group dropped after falling.
The post ASX 200 rises, Betmakers soars, REA Group drops appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) rose by around 0.4% today to 7,538 points.

Here are some of the highlights from the ASX:

Betmakers Technology Group Ltd (ASX: BET)

The Betmakers Technology share price jumped around 13.5% today after making an announcement to the market.

Betmakers pointed out that New Jersey in the US has officially legalised fixed odds betting on horse racing. It is the first state in the US to do so.

A bill to authorise fixed odds wagering on horse races through a fixed odds wagering system was passed unanimously in both the Senate and General Assembly in New Jersey on 21 June 2021. This has been signed by the Governor of New Jersey to become law.

Betmakers has an exclusive 10-year fixed odds agreement on thoroughbred horse racing in New Jersey with New Jersey Thoroughbred Horsemen Association and Darby Development LLC, the operator of the Monmouth Park racetrack.

The Betmakers CEO Todd Buckingham said:

The introduction of fixed odds betting on horse racing by law in New Jersey is a historic moment for wagering in the United States and a landmark achievement for Betmakers.

Betmakers also said that it sets a precedent legal framework that is relevant for discussions with other States in the US.

REA Group Limited (ASX: REA)

The REA Group share price fell around 5% after releasing its FY21 result.

The ASX 200 share reported that revenue increased by 13% to $928 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) including associates rose by 19% to $565 million.

Net profit after tax (NPAT) grew by 18% to $318 million and earnings per share (EPS) went up 21% to 247 cents.

The full year dividend increased by 19% to $1.31 per share.

Owen Wilson, the CEO of REA Group, said:

This has been a defining year for REA, successfully navigating the pandemic to deliver an excellent financial result and emerge an even stronger business.

Our flagship site realestate.com.au delivered stellar results, extending its position as the clear market leader in digital real estate and it is now Australia’s eighth largest online brand overall.

However, lockdowns are hurting the performance in FY22, though this may be mitigated by price increases. July listing volumes were down 3% year on year. Melbourne listings were up 3%, but Sydney listings were down 22%.

ResMed Inc (ASX: RMD)

The ResMed share price edged higher after releasing its fourth quarter and FY21 results.

Fourth quarter revenue increased by 14% to $876.1 million and underlying profit grew 7%.. It produced underlying EPS of $1.35. The quarterly dividend increased by 8% to $0.42 per share.

This brought FY21 revenue to $3.2 billion, an increase of 8%. Underlying profit grew 12%. It generated underlying EPS of $5.33, an increase of 12%.

ResMed said it’s seeing the ongoing recovery of core sleep apnea and COPD patient flow across the business.

The ASX 200 business was able to produce growth in the final quarter of FY21 despite the COVID-related ventilator sales in the prior corresponding period. However, there were also tailwinds from a competitor’s quality issue.

ResMed CEO Mick Farrell said:

Looking ahead, we are confident in our ability to grow steadily through our fiscal year 2022 and to deliver for all our stakeholders. We’re driving accelerated adoption of digital health solutions in sleep apnea, COPD, and out-of-hospital care, accelerating our ResMed 2025 strategy.

The post ASX 200 rises, Betmakers soars, REA Group drops appeared first on The Motley Fool Australia.

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More reading

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Why BHP, Northern Star, REA, & ResMed shares are dropping

ASX 200 midday update: REA & ResMed results, Afterpay jumps

Why AnteoTech, BetMakers, News Corp, & Vulcan shares are racing higher

Why the ResMed (ASX:RMD) share price slumped even as profit jumped

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Betmakers Technology Group Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has recommended Betmakers Technology Group Ltd, REA Group Limited, and ResMed Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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