The BetMakers Technology Group Ltd (ASX: BET) share price is on course to end the week on a positive note.
In morning trade, the betting technology company's shares are up 6% to $1.12.
Why is the BetMakers share price rising?
Investors have been bidding the BetMakers share price higher on Friday following the release of an update on its partnership with the Waterhouse Group.
In partnership with the Waterhouse Group, last year BetMakers provided data and technology for two significant wagering products – tomwaterhouse.com betting application and MTS Global. Management notes that the two products not only contributed to BetMakers' revenue growth over the last year but also helped establish it as one of the leading B2B technology providers for the racing industry.
According to the release, BetMakers has recorded revenues of $6.2 million under the conditional commercial agreements with the Waterhouse Group. This is from the commencement of the agreement on 22 May 2020 through to 30 June 2021.
Options issued
As a result of this revenue generation, the Waterhouse Group has been issued 34,564,921 options with an exercise price of 18 cents per share.
Unsurprisingly, with the BetMakers share price trading materially higher than this exercise price, the Waterhouse Group has elected to exercise them immediately at a total consideration of $6.2 million. These shares are now worth a cool $38 million.
BetMakers' CEO, Todd Buckingham, commented: "As a result of the Company's exceptional performance over the period, we're extremely pleased to be able to issue Waterhouse VC with the first tranche of Shares. The deal with the Waterhouse Group not only contributed to BetMakers' growth revenues over the past year but also has helped BetMakers develop these unique products and establish itself as one of the leading B2B technology providers for the racing industry."
Tom Waterhouse, CEO of Waterhouse VC, commented: "BetMakers is an attractive investment proposition in global racing, with unique access to valuable race data and bespoke pricing through their Managed Trading Service platform. Waterhouse VC is delighted to convert its first tranche of Performance Rights to provide further funding to this exciting business. We look forward to our ongoing relationship with BetMakers over the years to come."
Following today's gain, the BetMakers share price is up 57% since the start of the year.
