The BetMakers Technology Group Ltd (ASX: BET) share price has stormed higher again on Wednesday.
In morning trade the racing data and analytics supplier’s shares have zoomed 54% higher to 37 cents.
This latest gain means the BetMakers share price is now up an incredible 825% over the last 12 months.
Why is the BetMakers share price racing higher today?
Investors have been buying BetMakers’ shares after it announced an agreement with New Jersey Thoroughbred Horsemen Association and Darby Development, the operator of the Monmouth Park racetrack.
The agreement will see the company deliver and manage Fixed Odds horse racing into New Jersey along with exclusive distribution of Monmouth Park racing content throughout other parts of the United States and internationally.
This agreement is the first of its kind for Fixed Odds betting on horse racing in the United States.
Under the terms of the agreement, BetMakers will be the only approved official distributor of Fixed Odds horse racing content in New Jersey, providing a solution for racing bodies from both the U.S. and internationally to access licensed wagering operators operating in New Jersey.
According to the release, BetMakers now intends to form agreements with other U.S. and international racetracks that would like to access the New Jersey Fixed Odds market by offering their content to bookmakers licensed in New Jersey.
BetMakers’ chief executive officer, Todd Buckingham, was very happy with the agreement.
He said: “We have been working with racing bodies and bookmakers from all parts of the world to develop the best solution that fits into the horse racing ecosystem. We believe that U.S. horse racing has the potential to be the largest betting sport in the US, including basketball, American football and baseball. There is a real opportunity for the U.S. horse racing market to grow like it has in Australia, which has seen prize money levels double over the past 7-10 years based on a funding model that is equitable to all participants.”
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.