BetMakers (ASX:BET) share price is racing 11% higher after this acquisition

Winning bet! A successful acquisition helps tip the betting company’s shares 11% higher on Friday
The post BetMakers (ASX:BET) share price is racing 11% higher after this acquisition appeared first on The Motley Fool Australia. –

Shares in BetMakers Technology Group Ltd (ASX: BET) have jumped today after the company emerged from its trading halt.

The BetMakers share price resumed trading at the market open and is currently racing up 11% at $1.20 after the completed acquisition was announced. (And it’s not Tabcorp Holdings Ltd (ASX: TAH) assets).

What did BetMakers acquire?

In today’s release, BetMakers advised the completion of its acquisition of Sportech’s racing, tote and digital businesses.

BetMakers said it had received the last of the approvals and clearances required to complete the acquisition. The company expects to formally receive a number of regulatory and other approvals post-acquisition, as well as begin to engage regulators across multiple jurisdictions.

The company first revealed its Sportech acquisition on 1 December 2020, describing it as “transformational for the company’s financial and growth prospects”.

The $56.2 million acquisition includes three of Sportech’s betting solutions businesses across the Americas, the United Kingdom and Europe, and its world-leading tote betting engine.

Betmakers said the acquisition would materially expand its global customer base, technology and geographic reach. In particular, a platform to target growth in the key United States market, including pari-mutuel betting and fixed odds offerings.

What did management say?

BetMakers managing director Todd Buckingham said:

The successful completion now allows us to continue to execute the next stages of our global strategy.

It is not often that such compatible international wagering assets become available in our industry. Accordingly, BetMakers views this acquisition as a pivotal step in seeing the business become the centre of global wagering. We intend to continue to expand in all regions where we see complementary synergies for our business that fits this vision.

BetMakers share price snapshot

Today’s announcement offers relief for BetMakers shareholders, after a nasty 30% crash in the last three weeks.

Despite making headway today, the BetMakers share price still needs another 25% to retest its 27 May record close of $1.60.

With today’s gains, the company’s shares are up 72.8% year-to-date.

The post BetMakers (ASX:BET) share price is racing 11% higher after this acquisition appeared first on The Motley Fool Australia.

Should you invest $1,000 in BetMakers right now?

Before you consider BetMakers , you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and BetMakers wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

Why the BetMakers (ASX:BET) share price isn’t going anywhere today
BetMakers and Zip were among the most traded ASX shares last week

Why has the BetMakers (ASX:BET) share price fallen 22% this week?
Why Alpha HPA, BetMakers, Mesoblast, & Wesfarmers are tumbling lower

Betmakers (ASX:BET) share price drops another 4%, now down 32% in a week

Kerry Sun 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 has recommended Betmakers Technology Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!