Why the BetMakers (ASX:BET) share price lifted higher today

The BetMakers Technology Group Ltd (ASX: BET) share price ended the day firmly in the green after announcing an outcome on the Fixed Odds Bill.

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The Betmakers Technology Group Ltd (ASX: BET) share price ended the day firmly in the green. This comes after the betting technology company announced a favourable outcome on the Fixed Odds Bill.

At the end of market trade, BetMakers shares finished at $1.50, up 2.74%.

More details on the Fixed Odds Bill

According to its release, BetMakers advised that the New Jersey General Assembly has unanimously passed Bill A4909. This relates to authorising “fixed odds wagering on horse races through fixed odds wagering system” within the state.

The vote resulted in a unanimous 75-0 count in favour of the Fixed Odds Bill early this morning (AEST).

Investors appeared pleased with the resolution, sending BetMakers shares higher throughout the day.

BetMakers noted that the next step in the legislative process is for identical Bill S3090 to be voted on by the full floor of the Senate. It was passed unanimously by the New Jersey Senate Budget and Appropriations Committee in November last year.

If the Bill is passed by the Senate, a final approval will be sent to the New Jersey Governor to sign it into law.

The company highlighted its exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC.

The deal, if given the green light, would see BetMakers deliver and manage fixed odds horse racing into New Jersey.

What did the BetMakers CEO say?

BetMakers CEO, Todd Buckingham touched on the company’s progress, saying:

The company is working closely with various industry stakeholders including racetracks, wagering operators and regulators, to ensure we implement a sustainable growth model for horse racing in the North American market.

We are pleased with the progress and the consideration that has been given to the Bill (to authorise fixed odds wagering on horse races through fixed odds wagering system) since it was introduced to the New Jersey legislature in November last year and look forward to it progressing through the final stages of approval.

BetMakers share price snapshot

The BetMakers share price has been on fire over the past 12 months, jumping close to 400%.

In June, the company’s shares fell to a 52-week low of 30 cents, and have not looked back since. It’s worth noting that the BetMakers share price is within a whisker of breaking its all-time high of $1.535.

Based on today’s price, the company commands a market capitalisation of around $1.2 billion.

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Aaron Teboneras 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.

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