How the BetMakers (ASX:BET) share price responded last reporting season

The wagering company has run a fine race in 2021 so far. Here’s what happened last time it reported its full year results.
The post How the BetMakers (ASX:BET) share price responded last reporting season appeared first on The Motley Fool Australia. –

The BetMakers Technology Group Ltd (ASX: BET) share price will be on watch this reporting season.

With the betting company slated to report its earnings for FY21 on Thursday, investors will be interested to know how the company responded last year.

Let’s take a look at how the BetMakers share price reacted last earnings season.

FY20 results spurs BetMakers share price

Initially, the BetMakers share price did not raise any eyebrows last reporting season.

Shares in the wagering company were relatively flat immediately after releasing its full-year results for FY20.

However, there was significant buying interest for shares in BetMakers after investors had time to interpret the company’s report.

A couple of days after reporting, buyers flocked for shares in the wagering company, sending its share price soaring more than 20% higher.

Highlights from the company’s FY20 report included;

Revenue of $9.2 million, up 34% from the prior corresponding period (pcp)
74% increase in gross profit of $6.3 million
$2.9 million increase in EBITDA of $0.8 million for FY20

Snapshot of Betmakers share price

It has been a landmark year for the BetMakers share price thus far.

Shares in the wagering company have soared more than 85% since the start of 2021.

There have been several catalysts fuelling the BetMakers share price.

Most recently, shares in the wagering company received a boost after fixed-odds wagering was legalised in New Jersey.

The legalisation of fixed-odds wagering bodes well for the company’s US ambitions.  BetMakers currently holds a 10 year agreement to deliver and manage fixed-odds thoroughbred horse racing in New Jersey.

The BetMakers share price also received a boost in late July after the company released a promising quarterly update.

The wagering company recorded $8.9 million in cash receipts for the fourth quarter of FY21, a 71% increase on the previous quarter.

BetMakers attributed the strong growth to improved sentiment in the Australian market and positive results from its international expansion.

In addition, the company cited its recent acquisition of Sportech PLC for enhancing the company’s revenue-generating opportunities.

Investors will be keen to see if BetMakers can replicate its strong growth when the company releases its full-year results for FY21 tomorrow.

The post How the BetMakers (ASX:BET) share price responded last reporting season appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram 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.

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