BetMakers share price lifts as full year revenue surges 370%

The company's unaudited full year revenue has rocketed to $91.6 million

| More on:
man and woman looking at mobile phones in a celebratory manner

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

sdf

Key points

  • The BetMakers share price lifted nearly 10% in early morning trade before settling at around 49.5 cents – 2% higher
  • Its gains came on news the company's cash receipts came to $26.2 million last quarter, marking a 194% improvement
  • Meanwhile, its unaudited financial year 2022 revenue has soared to $91.6 million, up from around $19.5 million in financial year 2021

The BetMakers Technology Group Ltd (ASX: BET) share price is taking off on the back of the company's latest quarterly report.

After opening 2% higher at 49.5 cents, the stock leapt to trade at an intraday high of 53 cents, a 9.3% gain.

At the time of writing, the BetMakers share price has retreated to 49.5 cents, 2.06% higher than its previous close.

BetMakers share price lifts as cash receipts nearly triple

Here are the highlights of the wagering technology provider's performance in the June quarter:

  • $26.2 million of cash reciepts – a 194% improvement on those of the prior corresponding period (PCP)
  • Operating cash flow positive with inflows of $416,000
  • That included around $2.5 million of accelerated or nonrecurring costs
  • The company had $87.6 million of cash in the bank at the end of June

The company also posted $91.6 million of unaudited revenue for financial year 2022 – a 370% improvement on that of financial year 2021.

What else happened in the June quarter?

The quarter just been was an incredibly busy one for the company. Sadly, it also saw the BetMakers share price fall 46%.

The major news during that time was of a new 10-year agreement with a new wagering venture that could see the company raking in more than $300 million of revenue.

BetMakers also signed an agreement that will see it become the new tote provider in Norway and a deal that allows it to offer PENN National Gaming context outside of the US and Canada.

What's next?

The company didn't provide any new earnings guidance in today's release. However, it did provide an optimistic outlook on the upcoming performance of its three major brands.

BetMaker's global betting service is expected to provide strong revenue growth in financial year 2023 while its global racing network's revenue is expected to more than double.

Finally, the company's global tote division is tipped to consolidate its gains this financial year and set the platform for financial year 2024 and beyond.

BetMakers share price snapshot

This year so far has been rough on the BetMakers share price.

It has slumped 39% since the start of 2022 and 47% since this time last year.

For comparison, the All Ordinaries Index (ASX: XAO) has fallen 12% so far this year and 9% over the last 12 months.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in 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 Scott Phillips.

More on Earnings Results

A woman looks up at a plane flying in the sky with arms outstretched as the Flight Centre share price surges
Earnings Results

Web Travel share price rockets 13% on market leading full-year growth

Investors are sending Web Travel shares soaring today. Here’s why.

Read more »

Happy shopper at a clothes shop.
Earnings Results

Why did Myer shares just rocket 9%?

Investors are piling into Myer shares on Friday. But why?

Read more »

A woman looks up at a plane flying in the sky with arms outstretched as the Flight Centre share price surges
Earnings Results

Up 78% since April, why is the Webjet share price taking off again today?

Webjet shares have soared 78% since 4 April and are lifting off again today. But why?

Read more »

a woman holds her hands to her temples as she sits in front of a computer screen with a concerned look on her face.
Industrials Shares

Guess which ASX 200 stock is crashing 24% on results day

Investors were not impressed with this result. But why?

Read more »

A man in full American NFL playing kit crouches over with his arms across his chest in a defensive stance against a dark background.
Technology Shares

ASX 300 tech stock charges 7% higher to record high on stellar results

This tech stock delivered another impressive result this morning.

Read more »

a group of people sit around a computer in an office environment.
Earnings Results

Guess which ASX 200 tech stock is rocketing 12% on record results

Another half, another record result from this high-quality company.

Read more »

A young man sitting at an outside table uses a card to pay for his online shopping.
Consumer Staples & Discretionary Shares

Why is the Kogan share price crashing 12%?

Profits are down at this ecommerce company during the second half.

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Resources Shares

Guess which ASX 200 mining stock is sinking 7% following its quarterly update

Let's see how this miner performed during the third quarter.

Read more »