Why the BetMakers (ASX:BET) share price finished the day 5% higher

This ASX share took off in the last hour of trade.
The post Why the BetMakers (ASX:BET) share price finished the day 5% higher appeared first on The Motley Fool Australia. –

The BetMakers Technology Group Ltd (ASX: BET) share price ended today’s session higher. The betting technology company announced a partnership for British and Irish horseracing in the minutes after market open.

At the closing bell, BetMakers shares travelled 4.52% higher to $1.155.

What did BetMakers announce?

The BetMakers share price lifted off during late market trade, with investors rallying up in the final hour.

In its release, BetMakers advised it signed a multi-year live streaming agreement with Sports Information Services and Racecourse Media Group.

The partnership will see live horseracing vision and wagering content from Britain and Ireland to approved corporate bookmakers in Australia. BetMakers will be the authorised supplier of the vision and content held under the rights of Sports Information Services and Racecourse Media Group. This gives licenced rights to more than 50 racecourses from both companies.

BetMakers CEO and managing director, Todd Buckingham touched on the milestone agreement, saying:

The model of a global racing network, importing and exporting live vision and wagering-related data and content to promote racing across regulated jurisdictions across the world 24/7, is something BetMakers has been successfully promoting. We are delighted to partner with SIS and RMG to bring British and Irish racing to as many punters as we can through our partner operators in Australia. This deal also supports British and Irish racing by increasing commercial returns for the sport.

Sports Information Services commercial director, Paul Witten went on to add:

This is an important step in driving greater access for British and Irish horseracing content in Australia where we know it is popular with punters.

And Racecourse Media Group commercial director, Nick Mills also said:

We are pleased to see this deal eventuate with BetMakers…

The deal results in a bigger audience within Australia, driving new digital revenues for our racecourses through increased returns generated by wagering turnover growth.

About the BetMakers share price

Over the last 12 months, BetMakers shares have risen by more than 180% and over 70% in 2021 alone. The company’s share price recorded a strong upwards trajectory before falling in late May on the Tabcorp Holdings Limited (ASX: TAH) proposed takeover.

At today’s price, BetMakers has a market capitalisation of roughly $938 million, with approximately 812 million shares outstanding.

The post Why the BetMakers (ASX:BET) share price finished the day 5% higher appeared first on The Motley Fool Australia.

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More reading

Why A2 Milk, Airtasker, BetMakers, & Sydney Airport shares are storming higher

Why the BetMakers (ASX:BET) share price is up 5% at lunchtime
ASX 200 up 0.1%: Sydney Airport takeover, Tabcorp demerger, a2 Milk jumps

Tabcorp (ASX:TAH) share price drops on demerger news
BetMakers (ASX:BET) builds out tech with more acquisitions

Motley Fool contributor Aaron Teboneras 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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