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- Betmakers Technology Group (BET) has finalised a $35 million placement to fund its acquisitions and growth strategy
- The money raised is set to help the company expand its footprint in the U.S. wagering market
- The funds also allow Betmakers to pay the final instalments of the acquisitions of DynamicOdds and Global Betting Services
- Pending regulatory approvals, the company’s U.S. expansion activities will considerable increase the company’s international footprint
- Betmakers Technology Group is trading 7.3 per cent higher at 44 cents per share
Betmakers Technology Group (BET) has finalised a $35 million placement to fund its acquisitions and growth strategy.
The money raised is set to help the company expand its footprint in the U.S. wagering market.
A safe bet
The placement received strong support from domestic and international institutional investors.
The funds allow Betmakers to pay the final instalments of the acquisitions of DynamicOdds and Global Betting Services.
The money will also fund the final steps in a first-of-its-kind agreement to offer fixed odds betting on horse racing in New Jersey. While the company can’t yet confirm a final date, Betmakers expects the final approval to be granted before the re-opening of racing at Monmouth Park on July 3.
Next steps
Betmakers is also in advanced stages of negotiations with other U.S. and international operators to offer their racing to the New Jersey licencees.
Pending regulatory approval, this move could add considerably to the company’s growing U.S. footprint.
Having recently reaffirmed its 2020 earnings guidance, it seems Betmakers has not just weathered the COVID-19 storm, but come through in some winning form.
Betmakers Technology Group is trading 7.3 per cent higher at 44 cents per share as at 3:30 pm AEST.
