BlueBet (ASX:BBT) share price surges 13% to record highs

What's been fuelling the bookmaker's share price?

| More on:
Sports fans looking at smart phone representing surging pointsbet share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The BlueBet Holdings Ltd (ASX: BBT) share price has surged more than 13.5% higher in today's trading session.

The bullish price action has propelled shares in the betting company to record highs.

At the time of writing, the BlueBet share price is trading more than 9% higher at around $2.09. Shares in BlueBet were up more than 13.5% earlier after hitting an intra-day and all-time high of $2.17.

Let's take a look at what's been fuelling the BlueBet share price.  

What's been fuelling the BlueBet share price?

BlueBet is relatively new to investors, after only listing on the exchange at the start of this month.

BlueBet hasn't released any price-sensitive news that could explain today's euphoric price action. As a result, it could be assumed that shares in the betting company are riding the waves of a generally stronger market.

Shares in the wagering start-up debuted at $2 per share, with investors still contemplating the company's value.

Earlier this month, the BlueBet share price received a boost after updating the market on its US operations.

The update highlighted BlueBet's agreement with the Dubuque Racing Association. As a result, the company will be allowed to conduct its online sportsbook operations in the state of Iowa. However, the agreement is subject to regulatory approval.

In addition, shares in BlueBet have also been on the receiving end of favourable analysis from brokers.

Recently, analysts from noted broker Ord Minnet put a buy rating on the company's shares. Analysts cited that BlueBet is positioned for growth given the gradual shift of sports betting online and the company's expansion into the US.

More information on BlueBet

BlueBet is an online bookmaker that provides products to customers of both Australian and international sports.

BlueBet offers wagering products on 31 sports in Australia and internationally, in addition to entertainment and politics wagering markets.

The company's platform is powered by customised, cloud-based technology.

As mentioned previously, BlueBet's expansion into the US marks an important milestone for the newly-listed company.

According to BlueBet's management, the Iowa wagering market has huge potential for the company. Following the approval of sports betting in 2019, the Iowa market has grown in excess of US$1 billion.

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

asx share price boosted by us investment represented by hand waving US flag across winning athlete
Best Shares

Here are the best-performing ASX 200 shares since the US election result

We reveal the 10 ASX stocks that have had the highest share price gains since the US Presidential election.

Read more »

a man sits back from his laptop computer with both hands behind his head feeling happy to see the Brambles share price moving significantly higher today
Industrials Shares

Up 39% in a year, is there more growth to come for this ASX 200 share?

IML Equity Analyst Josh Freiman shares his views on a major ASX 200 industrial stock.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Catapult, Flight Centre, Nufarm, and Xero shares are storming higher today

These shares are having a strong session on Thursday. But why? Let's find out.

Read more »

drug capsule opening up to reveal dollar signs signifying rising asx share price
Healthcare Shares

3 ASX healthcare shares going gangbusters on Thursday

Investors are sending these ASX healthcare stocks soaring today. But why?

Read more »

A young man talks tech on his phone while looking at a laptop. A financial graph is superimposed across the image.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 made it three-for-three losses in a row this Wednesday.

Read more »

A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs
Share Gainers

Why Brickworks, James Hardie, Megaport, and OFX shares are charging higher today

These shares are having a good time on hump day. But why?

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors endured another day of selling this Tuesday.

Read more »

Man pointing at a blue rising share price graph.
Technology Shares

Guess which ASX 300 tech stock is already up 64% in November!

The ASX 300 tech stock is surging higher this month. But why?

Read more »