The Betmakers Technology Group Ltd (ASX: BET) share price is up more than 9% this afternoon. Today’s gains put the Betmakers share price at 86 cents a share, a new 52-week high.
With no new announcements out of the wagering company to explain the share price jump, lets take a look at its latest quarterly announcement, released at the end of January.
How has Betmakers been performing recently?
In its second quarter FY21 activities update, Betmakers reported cash receipts for the first half of FY21 of $7.9 million, an increase of 130% on the prior corresponding period.
As of 31 December 2020, Betmakers held roughly $68.6 million worth of cash and cash equivalents.
In its update, the company also announced that it entered into binding agreements during the quarter to acquire Sportech’s Racing and Digital assets in the United States, United Kingdom and Europe, for consideration of 30.9 million pounds.
The acquisition is intended to support Betmakers’ international growth strategy to fully capitalise on emerging opportunities in the US market, including fixed odds wagering.
The business also signed agreements to manage fixed odds wagering on all horse racing, including Jamaican and international race meetings, through Supreme Ventures Racing and Entertainment channels for five years.
A word from the CEO
According to CEO Todd Buckingham, the company is well-positioned for growth. Commenting on the company’s Q2 FY21 results, he said:
The Q2 FY21 quarter was not only our best quarterly performance to date, but it was also the Company’s most productive and transformational in terms of international expansion. I am pleased with the consistent growth in the domestic business, with the performance for the first half of FY21 setting the company’s annualised revenue run rate in line with our expectations as we aggressively invest in efforts to pursue global opportunities.
Betmarkers share price snapshot
Betmakers is involved in the development and provision of data and analytic products for the B2B wagering market, as well as the production and distribution of racing content. The group’s revenue channels includes Australia, the United Kingdom and the United States of America.
The Betmakers share price has jumped more than 100% higher over the last 12 months, and is currently at a 52-week high.
On today’s prices, Betmakers has a market capitalisation of $547 million.
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Gretchen Kennedy 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.
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