The Betmakers Technology Group Ltd (ASX: BET) share price is on watch after the company posted a 39% jump in full-year revenue.
What does Betmakers do?
Betmakers is an Aussie racing data and analytics supplier with a number of products and solutions. These include DynamicOdds, BettingHub, Global Tote and GBS.
Betmakers is focused on providing innovative industry and bookmaker solutions to improve industry coverage and the consumer experience.
Why is the Betmakers share price worth watching?
Betmakers released its earnings for the year ended 30 June 2020 (FY20) headlined by a 39.1% increase in revenue to $8.58 million.
That included $2.25 million from Content and Integrity with a further $6.33 million generated from the Wholesale Wagering Products segment.
However, that strong revenue didn’t flow to the bottom line with the Aussie wagering group posting a $2.1 million loss, down 40.6% from FY19.
It’s been a wild ride for investors with the Betmakers share price surging 468.8% higher since 23 March at the bottom of the bear market.
The coronavirus pandemic has impacted the racing industry and the Betmakers share price in 2020. However, the company reported growing demand for its digital products and services since the pandemic began.
New deals in global markets like the United States and United Kingdom underpinned strong revenue growth.
Pleasingly for shareholders, the Betmakers share price grew more than 800% in FY20 from 4.5 cents to 42.5 cents at 30 June.
The company raised $35 million in June 2020 thanks to several new institutional investors betting on further growth.
It was good news on the balance sheet side with net tangible assets climbing from -0.60 cents to 7.09 cents in FY20.
FY21 outlook
There was no specific guidance provided for FY21 but Betmakers does have a few key focus areas.
One of those is advancing its position in the US as the country’s wagering market continues to grow.
The strong demand reported in Managed Trading Services, Platforms and Global Racing Network are expected to continue this year.
The Betmakers share price was up 228.6% for the year prior to this morning’s open.
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