Insights

Why the BetMakers (ASX:BET) share price lifted higher today

The BetMakers Technology Group Ltd (ASX: BET) share price ended the day firmly in the green after announcing an outcome on the Fixed Odds Bill.
The post Why the BetMakers (ASX:BET) share price lifted higher today appeared first on The Motley Fool Australia. –

The Betmakers Technology Group Ltd (ASX: BET) share price ended the day firmly in the green. This comes after the betting technology company announced a favourable outcome on the Fixed Odds Bill.

At the end of market trade, BetMakers shares finished at $1.50, up 2.74%.

More details on the Fixed Odds Bill

According to its release, BetMakers advised that the New Jersey General Assembly has unanimously passed Bill A4909. This relates to authorising “fixed odds wagering on horse races through fixed odds wagering system” within the state.

The vote resulted in a unanimous 75-0 count in favour of the Fixed Odds Bill early this morning (AEST).

Investors appeared pleased with the resolution, sending BetMakers shares higher throughout the day.

BetMakers noted that the next step in the legislative process is for identical Bill S3090 to be voted on by the full floor of the Senate. It was passed unanimously by the New Jersey Senate Budget and Appropriations Committee in November last year.

If the Bill is passed by the Senate, a final approval will be sent to the New Jersey Governor to sign it into law.

The company highlighted its exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC.

The deal, if given the green light, would see BetMakers deliver and manage fixed odds horse racing into New Jersey.

What did the BetMakers CEO say?

BetMakers CEO, Todd Buckingham touched on the company’s progress, saying:

The company is working closely with various industry stakeholders including racetracks, wagering operators and regulators, to ensure we implement a sustainable growth model for horse racing in the North American market.

We are pleased with the progress and the consideration that has been given to the Bill (to authorise fixed odds wagering on horse races through fixed odds wagering system) since it was introduced to the New Jersey legislature in November last year and look forward to it progressing through the final stages of approval.

BetMakers share price snapshot

The BetMakers share price has been on fire over the past 12 months, jumping close to 400%.

In June, the company’s shares fell to a 52-week low of 30 cents, and have not looked back since. It’s worth noting that the BetMakers share price is within a whisker of breaking its all-time high of $1.535.

Based on today’s price, the company commands a market capitalisation of around $1.2 billion.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

More reading

Young investors OK with ASX shares peddling gambling, tobacco, porn

The BetMakers (ASX:BET) share price is up 28% this month. Here’s why
Here’s why the BetMakers (ASX:BET) share price is in the red today
Why this ASX share bull market could run for longer

The post Why the BetMakers (ASX:BET) share price lifted higher today appeared first on The Motley Fool Australia.

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!