The Betmakers Technology Group Ltd (ASX: BET) share price climbed with the market on Thursday.
The betting technology company's shares rose 1.2% to 42.5 cents.
Though, this makes little difference to its year to date performance. The Betmakers share price is still down almost 50% during this time.
As one of the most shorted shares on the Australian share market, short sellers will certainly be pleased with this.
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Is the Betmakers share price a buy?
A couple of analysts have been weighing on the Betmakers share price. The good news for shareholders is that they are positive on the company and believe investors should be buying its shares despite the high level of short interest.
Ben Clark from TMS Capital told Livewire that he is feeling positive on the company due to a strong update from one of its peers and its huge opportunity in the United States. He said:
I think this might be a buy. We've just seen a really bullish update from Flutter in the UK, which is the world's largest sports betting company. What prompted that was that the US sports betting market, which we know has been legalising and opening up, looks like it's now hit a tipping point. It's got at least a decade's growth to go. There was a bit of a scramble amongst the players before we saw these reactions in the market, and I wouldn't be surprised to see that coming through again. Betmakers are profitable. It doesn't trade on a crazy PE for a fast-growing small-cap tech stock. So I'd go buy.
This sentiment was echoed by Henry Jennings from Marcus Today, who highlights the company's attractive position as a platform provider. He commented:
I think this one's a buy. I think it has got a good pedigree, as Ben says, in terms of the management, Matthew Tripp. Also, Tom Waterhouse is involved as well, so that's pretty good pedigree there. As Ben says, the US has reached a tipping point on sports betting, and there's been a lot of money spent on land grabs and everyone trying to get their share of the market. The good thing about Betmakers is it's kind of agnostic. It's the platform, the picks-and-shovels, which has worked for many people in the past.
