Why the BetMakers (ASX:BET) share price is racing 6% higher on Friday

This betting technology company’s shares are on form today…
The post Why the BetMakers (ASX:BET) share price is racing 6% higher on Friday 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 6% to $1.12.

Why is the BetMakers share price rising?

Investors have been bidding the BetMakers share price higher on Friday following the release of an update on its partnership with the Waterhouse Group.

In partnership with the Waterhouse Group, last year BetMakers provided data and technology for two significant wagering products – betting application and MTS Global. Management notes that the two products not only contributed to BetMakers’ revenue growth over the last year but also helped establish it as one of the leading B2B technology providers for the racing industry.

According to the release, BetMakers has recorded revenues of $6.2 million under the conditional commercial agreements with the Waterhouse Group. This is from the commencement of the agreement on 22 May 2020 through to 30 June 2021.

Options issued

As a result of this revenue generation, the Waterhouse Group has been issued 34,564,921 options with an exercise price of 18 cents per share.

Unsurprisingly, with the BetMakers share price trading materially higher than this exercise price, the Waterhouse Group has elected to exercise them immediately at a total consideration of $6.2 million. These shares are now worth a cool $38 million.

BetMakers’ CEO, Todd Buckingham, commented: “As a result of the Company’s exceptional performance over the period, we’re extremely pleased to be able to issue Waterhouse VC with the first tranche of Shares. The deal with the Waterhouse Group not only contributed to BetMakers’ growth revenues over the past year but also has helped BetMakers develop these unique products and establish itself as one of the leading B2B technology providers for the racing industry.”

Tom Waterhouse, CEO of Waterhouse VC, commented: “BetMakers is an attractive investment proposition in global racing, with unique access to valuable race data and bespoke pricing through their Managed Trading Service platform. Waterhouse VC is delighted to convert its first tranche of Performance Rights to provide further funding to this exciting business. We look forward to our ongoing relationship with BetMakers over the years to come.”

Following today’s gain, the BetMakers share price is up 57% since the start of the year.

The post Why the BetMakers (ASX:BET) share price is racing 6% higher on Friday 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

The Betmakers (ASX:BET) share price is 35% off its 52-week high
Why the BetMakers (ASX:BET) share price finished the day 5% higher
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

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.

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!