BetMakers share price climbs on multi-year agreement

The BetMakers Technology Group Ltd (ASX: BET) share price is edging ahead on Monday morning.

At the time of writing, shares in the betting technology company are up 2.91%, trading at 53 cents.

What did BetMakers announce?

Investors are rallying up the BetMakers share price after the company was selected as the new tote provider in Norway.

In its release, BetMakers advised its Global Tote division has secured a 10-year deal with Norsk Rikstoto.

Founded in 1982, Norsk Rikstoto is the sole purveyor of betting on horse racing in Norway.

Under the agreement, Global Tote will become the new tote technology and services provider for the Nordic country. This will replace Norsk Rikstoto’s current pari-mutuel betting solution.

As such, Global Tote will deliver its software-as-a-solution (SaaS) for integration with Norsk Rikstoto’s web, mobile and terminal platforms.

The system will be hosted from Global Tote’s AWS computing environment with operations serviced from its centres in Europe and the United States.

Features as well as key software customisations are expected to be in line with local betting and regulatory requirements.

Both parties will work closely together to better position Norsk Rikstoto and develop Norway racing as a global wagering product. This includes expanding international opportunities and increasing revenue by importing or exporting content for wagering customers in their respective markets.

What did management say?

BetMakers CEO Todd Buckingham touched on the milestone agreement, saying:

BetMakers, through its Global Tote division, is delighted to broaden its engagement with Norsk Rikstoto to deliver a new betting system that both parties believe will allow Norsk Rikstoto to leverage its investment in existing web, mobile and terminal platforms while also expanding its system capabilities and increasing access to new markets and new content through international commingling.

Further to this new Norway deal expanding Global Tote’s footprint in Europe, we are particularly proud of the fact that, as a Company, BetMakers now provides key tote betting services to three of the four Nordic countries that offer betting on racing. Global Tote is the chosen national tote services provider of the Nordics in Denmark, Finland and Norway.

Global Tote is also the national tote technology service provider in Turkey, and supports key racetracks across Spain, Cyprus, Ireland and the United Kingdom.

About the BetMakers share price

Despite today’s gains, the BetMakers share price has fallen by almost 65% over the last 12 months.

When looking at the year to date, its shares are down roughly 33%.

Based on valuation grounds, BetMakers has a market capitalisation of roughly $465.28 million.

The post BetMakers share price climbs on multi-year agreement 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. has positions in 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 Scott Phillips.

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