The BetMakers Technology Group Ltd (ASX: BET) share price had a great run on the ASX in 2021.
The betting technology company’s stock soared as it completed numerous acquisitions and got a hold in the United States’ market.
At the end of 2020, the BetMakers share price was trading at 67 cents. Come the final session of 2021, the company’s stock closed at 80 cents.
That represents a 19.4% gain, despite a 38% tumble over the final 2 months of the year.
Let’s take a look at what moved the BetMakers share price in 2021.
The year that was for the BetMakers share price
The company’s year started out on the right foot when it partnered with Matt Tripp who agreed to take up the role of strategic advisor.
Later on in the year, it announced a previous partnership with the Waterhouse Group brought in $6.2 million of revenue between 22 May 2020 and 30 June 2021.
The BetMakers share price was also boosted by the passing of legislation in the United States, which saw the company able to bring fixed-odds horse racing to New Jersey.
It also acquired Sportstech’s racing, tote, and digital businesses and technology platforms Form Cruncher and Swopstakes in 2021.
Additionally, the company made a play for Tabcorp Holdings Limited‘s (ASX: TAH) wagering and media business. It placed a $4 billion bid for the arm.
However, Tabcorp ultimately decided to demerge the business, saving BetMakers the trouble of finding capital for the purchase.
Unfortunately, the BetMakers share price tumbled from the end of October, which happened to be shortly after the release of the final quarterly results the company published last year.
Within them, the company announced a 135% quarter-on-quarter increase in cash receipts, which came to $21 million. It also reported a $1.5 million net operating cash outflow.
While the results seemed to be relatively strong, the market bid the BetMakers share price down 1.6% on the day of their release and plunged it 38% lower over the following 2 months.
Right now, BetMakers’ stock is trading at 75 cents, down 3.59% today. It’s now down 6% since the start of the week.
The post What made the BetMakers (ASX:BET) share price surge 19% in 2021? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns 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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