Rising mid-cap BetMakers Technology Group Ltd [ASX:BET] is charging higher today.
The BET Share Price are currently up 15.87% and climbing. A move that is thanks to the company acknowledging a landmark decision in the US by New Jersey’s governor.
Let’s take a closer look, shall we…
An American first
New Jersey has today officially made fixed-odds wagering on horse races legal, the first US state to do so.
A landmark decision, and one that should reap huge benefits for BetMakers. After all, they secured a 10-year agreement to provide fixed-odds horse racing products back in February last year. Some pre-planning that has paid off handsomely with today’s development.
Here is what BetMakers’ CEO, Todd Buckingham, had to say:
‘The introduction of Fixed Odds betting on horse racing by law in New Jersey is a historic moment for wagering in the United States and a landmark achievement for BetMakers.
‘New Jersey becomes the first State in the U.S. to offer Fixed Odds betting on horse racing, and opens the door for the thoroughbred industry to offer Fixed Odds betting markets on racing in the same way as sports.
‘Legalised Fixed Odds betting on horse racing in the U.S. has been a pillar of BetMakers’ strategic vision and today’s announcement enables the Company to press forward with the roll-out of Fixed Odds betting in New Jersey while also setting a precedent legal framework that is relevant for our discussions with other States in the U.S.’
A great start to what may soon be a sweeping change across the US. Giving BetMakers the confidence they need to pursue further deals in other US states.
Because, should that happen, the punters won’t be the only thing off to the races…
What’s next for BetMakers Share Price?
In other developments, BetMaker’s recent acquisition of Sportech is another big milestone. Giving them the resources and assets to improve their platform even further.
Not to mention reach more potential customers.
Don’t be surprised if BetMakers intensifies its US ambitions, looking for new targets and new ways to broaden its objectives.
All of which should result in a promising outlook for shareholders. Making this already successful stock ready to take things to the next level.
But, of course, this high-stakes and high-action market may not be for everyone. Particularly as BetMakers is still very much a speculative investment.
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For Money Morning
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