The Betmakers Technology Group Ltd (ASX: BET) share price is launching higher on Friday after the company announced it's planning to buy back up to 10% of its stock.
The buyback is expected to see the betting technology company scanning the market for stock to snap up from mid-July.
At the time of writing, the Betmakers share price is 36.5 cents, 21.67% higher than its previous close.
Let's take a closer look a today's news from the All Ordinaries Index (ASX: XAO) constituent.
Betmakers share price surges on buyback
The Betmakers share price is off to an impressive start on Friday after the company's CEO announced a run of deals has left it in a prime position to begin an on-market buyback.
The buyback will use cash from the company's existing reserves and is expected to run until this time next year.
CEO Todd Buckingham commented on the news driving the Betmakers share price today, saying:
As a business we have signed and announced deals that we believe will give the company strong organic growth in [financial year 2023] and we expect this momentum to continue.
Betmakers is in a strong financial position with our improving cash flow and with current market dynamics providing us with an opportunity to maximise shareholder value via a buyback.
The buyback aims to snap up around 90.35 million Betmakers shares. Such a parcel was worth approximately $27.1 million as of Thursday's close.
Today's news is just the latest in a series of exciting updates from the company in 2022.
It has announced new and extended contracts with major horse racing entities in Norway and the United States.
Additionally, it signed a deal to provide betting solutions to a new Australian and New Zealand wagering venture.
Sadly, the wave of seemingly exciting news hasn't been enough to save the company's stock.
The Betmakers share price has tumbled 56% since the start of 2022. It is also currently 70% lower than it was this time last year.
