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Why the BetMakers (ASX:BET) share price is worth watching

The Betmakers Technology Group Ltd (ASX: BET) share price is on watch after the analytics group’s latest investor update.
The post Why the BetMakers (ASX:BET) share price is worth watching appeared first on The Motley Fool Australia. –

A man holds his head and look in horror at a betting slip, indicating share price drop on the ASX market

The BetMakers Technology Group Ltd (ASX: BET) share price is on watch after an investor update from the Aussie data analytics group.

Why is the BetMakers share price on watch?

For those that may not know, BetMakers is a technology and software development group that is used across the wagering and racing industries around the world. The BetMakers share price has been hot property after surging 741.7% in the last 12 months. 

BetMakers and its subsidiaries now operate in over 30 countries worldwide. That includes more than 200 global bookmaking, racing, sport and digital customers. In this morning’s release, BetMakers reported that it is well-positioned to “continue to deliver strong growth in its domestic market as well as key international markets including the US”.

First-half revenue for 2021 grew 67% from 2H 2020 thanks to strong managed trading services and content distribution performance. BetMakers is expecting Q3 2021 revenues up 25% on the prior quarter to ~$5 million. The company’s Sportech acquisition is expected to complete in Q4 2021.

The BetMakers share price is one to watch after the company provided a product update this morning. BetMakers is expecting four more customers to launch on its white label betting platform in Q4 2021. There are now 26 digital white-label bookmakers globally with 70% of revenues coming from Australasia in 1H 2021.

BetMakers’ strategic focus remains on four key categories. These are major business to business (B2B) partnerships, its global racing network, the US strategy and strategic investment.

Foolish takeaway

The BetMakers share price is one to watch as investors take into account the latest update. Shares in the Aussie technology group have surged in 2021 as several key wagering sports continued despite the coronavirus pandemic.

As at Friday’s close, BetMakers had a market capitalisation of $783.4 million with a 3.5% dividend yield.

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Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Betmakers Technology Group Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the BetMakers (ASX:BET) share price is worth watching appeared first on The Motley Fool Australia.

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