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Why the BetMakers (ASX:BET) share price has rocketed 50% in 7 weeks

The wagering company is proving a winner for investors so far this year
The post Why the BetMakers (ASX:BET) share price has rocketed 50% in 7 weeks appeared first on The Motley Fool Australia. –

The BetMakers Technology Group Ltd (ASX: BET) share price has had a stellar month and a half.  

Shares in the wagering company have powered more than 50% in the past 7 weeks.

Let’s take a look at what’s been driving the BetMakers share price.

What’s been fuelling the BetMakers share price?

Several catalysts have helped power the BetMakers share price in the past month and a half.

After being sold-off initially, shares in the wagering company were boosted by record quarterly results.

For the fourth quarter, BetMakers recorded $8.91 million in cash receipts, a 272% increase on the prior corresponding period.  

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.

The BetMakers share price received a further boost in early August following a landmark achievement.

Shares in the wagering company were buoyed after New Jersey legalised fixed-odds wagering. 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.

Another catalyst was the company’s recent full-year report for FY21.

How did BetMakers perform in FY21?

Late last month BetMakers posted its full-year results for FY21. For the full year, the wagering company reported a 126.7% surge in revenue of $19.5 million.

Despite the promising revenue figure, BetMakers recorded a net loss of $13 million for FY21 versus a $4.4 million loss in FY20.

BetMakers cited extra investments to support its international expansion for the widened earnings loss.

For FY21, the wagering company spent $2.4 million in operating expenses for its US business.

Snapshot of the BetMakers share price

Shares in BetMakers have more than doubled this year. Since the start of the year, the wagering company’s share price has surged by more than 111%.

The company’s growing market capitalisation was recently acknowledged with BetMakers being added to the S&P/ASX300 Index.

The BetMakers share price has continued its bullish run today. At the time of writing, shares in the company are powering 7.34% higher for the day at $1.39.

The post Why the BetMakers (ASX:BET) share price has rocketed 50% in 7 weeks appeared first on The Motley Fool Australia.

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More reading

Why Betmakers (ASX:BET) share price jumped when losses deepened
How the BetMakers (ASX:BET) share price responded last reporting season
Why the PointsBet share price is up 6% on Tuesday

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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