It has been a good day for this betting technology company…
The post BetMakers (ASX:BET) share price jumps 7% after landmark achievement appeared first on The Motley Fool Australia. –
The BetMakers Technology Group Ltd (ASX: BET) share price is on course to end the week on a positive note.
In morning trade, the betting technology company’s shares are up 7% to $1.11.
Why is the BetMakers share price charging higher?
Investors have been bidding the BetMakers share price higher today after its US ambitions were given a major boost.
According to an announcement, fixed odds wagering on horse races through a fixed odds wagering system is now legal in the state of New Jersey after being approved by the state’s Governor.
This is a big positive for BetMakers as it has already secured an exclusive 10-year agreement to deliver and manage Fixed Odds thoroughbred horse racing into New Jersey with New Jersey Thoroughbred Horsemen Association and Darby Development.
“A landmark achievement”
BetMakers’ Chief Executive Officer, Todd Buckingham, believes this is a historic moment for the industry and a landmark achievement for the company.
He 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. New Jersey becomes the first State in the U.S. to offer Fixed Odds betting on horse racing, and opens the door for the thoroughbred industry to offer Fixed Odds betting markets on racing in the same way as sports.”
“Legalised Fixed Odds betting on horse racing in the U.S. has been a pillar of BetMakers’ strategic vision and today’s announcement enables the Company to press forward with the roll-out of Fixed Odds betting in New Jersey while also setting a precedent legal framework that is relevant for our discussions with other States in the U.S,” he added.
Mr Buckingham expects to be taking bets in the very near future, initially on course via its Managed Trading Services (MTS) agreement.
He explained: “Following the green light for Fixed Odds to become law in New Jersey, it is intended that initially the first bets will be taken on course at Monmouth Park under BetMakers’ Managed Trading Services (MTS) agreement, and we are aiming to confirm a date for this to announce in coming weeks.”
“The next step will be for approved operators who have an agreement with BetMakers to offer Fixed Odds betting to their online customers. While the company is excited by the imminent to start Fixed Odds betting, we are also mindful about doing it the most sustainable way that rewards our partners, and we will be looking to reach scale over the next 12 months,” the CEO added.
The BetMakers share price is now up 58% in 2021.
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Motley Fool contributor James Mickleboro 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.