BetMakers (ASX:BET) share price up on record results

All bets paid off in the latest quarter with record results.

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The Betmakers Technology Group Ltd (ASX: BET) share price is on the move today.

This morning’s price increase follows the company releasing its results for Q4 FY21. At the time of writing, shares in the wagering data provider are 1.62% higher to 94 cents.

Let’s run through the latest figures.

Pushing the BetMakers share price higher

Investors are bidding up the BetMakers share price today following its fourth-quarter results. To the delight of shareholders, the company delivered its strongest quarter to date.

According to the release, BetMakers achieved $8.91 million in cash receipts from customers during the quarter. This represents an increase of 75% on the prior quarter and a significant 272% lift from the prior corresponding period.

The company explained the notable jump was from an increase in activity in the Australian market. This was alongside early positive results from BetMakers’ international expansion plans.

Notably, the fourth quarter result includes only approximately 2 weeks of cashflows from its Sportech racing acquisition.

Furthermore, the company remains debt-free and finished Q4 with more than $120 million in cash on its balance sheet.

On that note, BetMakers revealed it intends to be opportunistic with continued investment in its B2B wagering technology and data platforms.

The BetMakers’ share price is up almost 99% over the past 12 months.

CEO commentary

Hailing the record result, Chief Executive Officer Todd Buckingham said:

The past quarter is a very pleasing result for the Company. We have seen an impressive uplift on our strong base of domestic operations while also capturing growth in global markets that we have identified as having the potential to be opportunities for us to expand our B2B wagering technology products and services globally as they continue to develop.

Mr Buckingham also added:

BetMakers has a very clear strategy for growth in Australia and internationally. This includes in the United States where our Fixed Odds plans, starting in New Jersey, progressed during Q4 FY21 after being passed unanimously by the Senate and General Assembly

Following the slight rise in the BetMakers share price, the company’s market capitalisation is now $800 million.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended 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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