The Betmakers Technology Group Ltd (ASX: BET) share price has risen more than 6% after completing its Sportech’s acquisition.
Acquisition completed
Betmakers has completed the acquisition of Sportech’s racing, tote and digital assets in the US, the UK and Europe after receiving the last of its regulatory and other approvals and clearances which were required prior to completion.
A number of regulatory and other approvals are now expected to be formally received after completion, following significant engagement with all regulators.
Betmakers said that the acquisition of the tote and digital business enhances Betmakers’ position to capitalise on growth opportunities in international wagering markets and is anticipated to materially expand the company’s global customer base, technology and geographic reach.
Management said these assets provide Betmakers with a platform to target growth in the US, including fixed odds wagering.
Management comments
BetMakers Managing Director Todd Buckingham said: “The successful completion now allows us to continue to execute the next stages of our global strategy.
“It is not often that such compatible international wagering assets become available in our industry. Accordingly, Betmakers views this acquisition as a pivotal step in seeing the business become the centre of global wagering. We intend to continue to expand in all regions where we see complementary synergies for our business that fits this vision.
“I am delighted that we have been able to reach this significant milestone and I now look forward to integrating these transformational international wagering assets which we expect will unlock enormous benefits for Betmakers.”
Summary thoughts about BetMakers and the share price
I’m not sure about the opportunity or value of the current Betmakers share price at $1.19. That was after a hefty decline after the takeover proposal for the Tabcorp Holdings Limited (ASX: TAH) wagering division.
Betmakers is an interesting business. There’s a lot of growth potential in the gambling sector in the US, it’s just hard to know what the right price is for potential, and there’s also a lot of competition.
