What happened with the Betmakers (ASX:BET) share price this week?

The Betmakers Technology Group Ltd (ASX: BET) made a new all-time high this week, despite some volatility along the way. Here's the tea

| More on:
ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Betmakers Technology Group Ltd (ASX: BET) has been an interesting performer on the ASX this week. This ASX share has drawn a lot of attention over the past month, largely thanks to the Betmakers share price appreciating 25% since mid-March.

We have seen significant volatility in Betmakers shares just this week, with the company hitting a new 52-week (and all-time) high of $1.28 yesterday and a low of $1.12 a share on Tuesday. That's more than a 12% difference in just a couple of days, enough to give anyone an ASX whiplash (Mickey Rourke style).

But any long-term investor probably doesn't mind too much. Betmakers shares are up almost 75% year to date, and up a staggering 577% over the past year. Talk about a winning hand!

So what's been going on with the Betmakers share price this week?

Why is the Betmakers share price at all-time highs?

There hasn't actually been any major news or developments out of Betmakers Technology this week that might easily explain its rather erratic share price movements. However, the Betmakers share price has been enjoying a couple of tailwinds for a few weeks now.

The first was its 22 March inclusion into the All Ordinaries Index (ASX: XAO). When an ASX share joins a major index like the All Ords, it usually gives the company something of a short-term boost. That's because many investors, including international ones, use these indices as hunting grounds for their next investment. Thus, if a company joins, it usually increases the said company's profile. It also means that any index funds that track the index in question have to buy into the company as well. 

Secondly, Betmakers gave an investor update at the end of last month that was well-received by investors. This update covered the 6 months to 31 December 2020. The company reported that revenues grew by an impressive 67% over the period, and it expects growth of a further 25% for the quarter ending 31 March 2021. 

The Betmakers share price responded very positively to this news and has been rising ever since, despite some minor pullbacks like what we saw on Tuesday.

At the time of writing, the Betmakers Technology share price is sitting at $1.23 after rising 3.8% today so far. At this pricing, Betmakers has a market capitalisation of $946.2 million and a trailing dividend yield of 2.87%.

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of 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 Bruce Jackson.

More on Share Market News

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »

Father in the ocean with his daughters, symbolising passive income.
Dividend Investing

I'd spend $8k on these ASX 200 shares today to target a $6,102 annual passive income

I believe these ASX 200 shares will continue rewarding passive income investors for years to come.

Read more »

Three businesspeople leap high with the CBD in the background.
Share Market News

Boom! ASX 200 blasts to new record highs

ASX 200 investors just sent the benchmark index into uncharted territory.

Read more »