Why are BetMakers shares charging higher today?

Shares in BetMakers Technology Group Ltd (ASX: BET) were trading more than 10% higher on Thursday after the company announced a major deal with CrownBet.

The company said in a statement to the ASX that it had signed an exclusive five-year technology and services agreement with Betfair, “to deliver a full wagering stack for the development of CrownBet”.

As the company said in its statement:

Under the agreement, BetMakers will deliver its full wagering stack for CrownBet, including a fully customised deployment of the Company’s Apollo wagering platform, trading and risk management, content engine, and core platform technology. The end-to-end solution positions BetMakers as the technology and operational backbone of the CrownBet offering from launch.

More wins on the board

BetMakers said it was the most significant commercial milestone for its Apollo platform to date, “and further validates BetMakers’ strategy to provide a complete, vertically integrated B2B wagering solution to Tier-1 operators globally”.

The agreement also establishes a landmark alignment with Betfair and its parent company, Crown Resorts – one of Australia’s most recognised entertainment and hospitality groups.

BetMakers Chief Operating Officer Martin Tripp said it was a major endorsement of the Apollo platform.

To be selected by Betfair to power the return of CrownBet demonstrates the scalability, performance and commercial flexibility of our technology stack. By combining our Apollo platform with deep industry expertise and talent within Betfair, we are confident we can deliver a market-leading wagering experience and help to position CrownBet as a formidable player in the Australian market.

BetMakers shares traded as high as 19.5 cents on the news before settling back to be changing hands for 19 cents, up 8.5% by mid-afternoon.

Building on early gains

BetMakers also this week said it had signed a three-year agreement with Penn Entertainment (NASDAQ: PENN) for the distribution of Penn’s racing content.

The company said, in a broader market update, that it was “experiencing strong digital momentum with eight digital customers launched in the second quarter of FY26 and eight scheduled for the balance of FY26, supported by a further pipeline of additional growth opportunities globally”.

BetMakers said the Penn deal was expected to increase the company’s EBITDA by about $1.2 million per year over the term of the contract.

BetMakers Chief Executive Jake Henson said the Penn deal, which expanded on an existing arrangement, was “a positive step for both parties, and we look forward to a successful and profitable partnership”.

BetMakers was valued at $195.7 million at the close of trade on Wednesday.

The post Why are BetMakers shares charging higher today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England 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. 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 Scott Phillips.