The BetMakers Technology Group Ltd (ASX: BET) share price is taking off on the back of the company’s latest quarterly report.

After opening 2% higher at 49.5 cents, the stock leapt to trade at an intraday high of 53 cents, a 9.3% gain.

At the time of writing, the BetMakers share price has retreated to 49.5 cents, 2.06% higher than its previous close.

BetMakers share price lifts as cash receipts nearly triple

Here are the highlights of the wagering technology provider’s performance in the June quarter:

• $26.2 million of cash reciepts – a 194% improvement on those of the prior corresponding period (PCP)
• Operating cash flow positive with inflows of $416,000
• That included around $2.5 million of accelerated or nonrecurring costs
• The company had $87.6 million of cash in the bank at the end of June

The company also posted $91.6 million of unaudited revenue for financial year 2022 – a 370% improvement on that of financial year 2021.

What else happened in the June quarter?

The quarter just been was an incredibly busy one for the company. Sadly, it also saw the BetMakers share price fall 46%.

The major news during that time was of a new 10-year agreement with a new wagering venture that could see the company raking in more than $300 million of revenue.

BetMakers also signed an agreement that will see it become the new tote provider in Norway and a deal that allows it to offer PENN National Gaming context outside of the US and Canada.

What’s next?

The company didn’t provide any new earnings guidance in today’s release. However, it did provide an optimistic outlook on the upcoming performance of its three major brands.

BetMaker’s global betting service is expected to provide strong revenue growth in financial year 2023 while its global racing network’s revenue is expected to more than double.

Finally, the company’s global tote division is tipped to consolidate its gains this financial year and set the platform for financial year 2024 and beyond.

BetMakers share price snapshot

This year so far has been rough on the BetMakers share price.

It has slumped 39% since the start of 2022 and 47% since this time last year.

For comparison, the All Ordinaries Index (ASX: XAO) has fallen 12% so far this year and 9% over the last 12 months.

The post BetMakers share price lifts as full year revenue surges 370% 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. 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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