The BetMakers (ASX:BET) share price is edging higher today. Here’s why

A group of men in the office celebrate after winning big.

The BetMakers Technology Group Ltd (ASX: BET) share price is edging into positive territory on Thursday. This comes after the betting technology company received notice outlining the regulatory framework for fixed-odds betting on horse racing to begin in New Jersey.

At the time of writing, BetMakers shares are fetching $1.20 apiece, up 1.69%.

What did BetMakers announce?

The Betmakers share price is on the rise after the company advised that fixed-odds betting on thoroughbred horse racing in New Jersey will commence shortly.

Details are still sketchy in terms of the start date and the parameters set. However, the company stated it will update investors in the near future.

In August this year, the Governor of New Jersey signed into law a bill authorising fixed-odds wagering on horse races.

The company highlighted its exclusive 10-year agreement with the New Jersey Thoroughbred Horsemen Association and Darby Development LLC. The latter is the operator of Monmouth Park racetrack.

BetMakers expects to start facilitating fixed-odds betting on track at Monmouth Park sometime before the end of this year. The rollout of fixed odds to online wagering service providers will begin and continue throughout 2022.

Commenting on the news possibly driving the BetMakers share price, CEO Todd Buckingham said:

We are extremely pleased to have been notified of the regulatory framework that supports the recently approved legislation for fixed-odds betting on thoroughbred horse racing and we now look forward to working with our partners to deliver and manage fixed-odds betting on thoroughbred racing within this market.

New Jersey will be the first state to approve fixed-odds betting on horse racing and we believe this will create the framework that allows the sport of horse racing to capture a significant portion of the sports betting market that is taking off in the US.

About the BetMakers share price

The BetMakers share price has been in fine form over the past 12 months, accelerating by more than 180%.

Based on today’s price, BetMakers commands a market capitalisation of around $1.2 billion and has around 857.6 million shares outstanding.

The post The BetMakers (ASX:BET) share price is edging higher today. Here’s why appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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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