The Betmakers Technology Group Ltd (ASX: BET) share price is heading south on Monday.
At the time of writing, the betting technology company's shares are fetching 47.2 cents apiece, down 3.67%.
This comes after the S&P/ASX 200 Index (ASX: XJO) taking a beating on the back of heavy losses on Wall Street last week.
As such, the benchmark index is trading at 7,107.7 points, down 1.36%.
Betmakers launches fixed odds betting
Despite the company's positive update, investors are continuing to sell off the Betmakers share price.
According to its release, Betmakers advised that it has launched fixed odds betting on thoroughbred horse racing in New Jersey.
In August 2021, the Governor of New Jersey signed into law a bill authorising fixed-odds wagering on horse races. Notably, this was the first state to approve fixed odds betting in the United States.
Betmakers noted that the first fixed odds bet was taken on Friday 6 May. This was followed by the first fixed odds betting conducted at the Monmouth Park season launch meeting on 8 May.
The company now plans to roll out fixed odds wagering to further horse racing meetings in the coming weeks. This includes up to 10 meetings each day from North American tracks before expanding to international meetings for fixed odds wagering.
Betmakers also stated that it has been contracted to provide online fixed odds solutions for Monmouth Park.
Management is expecting this to be operational within the next quarter.
Betmakers North American CEO, Christian Stuart commented:
This was a momentous occasion for BetMakers and US horse racing in general.
We believe horse racing is the untapped vertical for sports bookmakers as they look to deliver more content more often to their acquired databases with products that can deliver solid margins.
BetMakers continues to lead the charge to deliver what we believe is the renaissance of horse racing in the United States.
Betmakers share price snapshot
The Betmakers share price has failed to take off in the past 12 months, losing more than 65% in value.
The company's shares hit a 52-week low of 47 cents today and are struggling to keep afloat. This brings its year-to-date losses to around 40% in the space of five months.
Based on today's price, Betmakers commands a market capitalisation of around $424.63 million.
