BNPL, move over – Betmakers has grown even more in 2 years and just got $25m from Sportsbet founder Matt Tripp
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BNPL? Pffft. One of the hottest performing sectors has been betting and market leader BetMakers (ASX:BET). It’s now more than a 20-bagger.
The company has grown from 4.4 cents to over $1 this morning. Its peer PointsBet (ASX:PBH) has seen similar growth from $2 to over $16 in that same timeframe.
While BNPL giant Afterpay (ASX:APT) has grown substantially in the same timeframe, it has only grown by just over 500 per cent – from approximately $24 per share to $146 today. Zip Co (ASX:Z1P) also lags behind BetMakers and PointsBet having grown from $3 to just under $12.
There has been no shortage of players entering the market but none have matched the growth of the betting sector.
The catalyst for the growth of BetMakers and PointsBet has been their entry into and success in the USA.
Various US states are progressively legalising sports gambling and both companies have pounced on the opportunity, leading to handsome rewards for shareholders who’ve stuck with them.
Today, Betmakers unveiled a $75 million capital raising and $25 million of this came from betting entreprenuer Matthew Tripp.
Tripp founded Sportsbet and BetEasy and is also the current boss of the Melbourne Storm and Sunshine Coast Lightning.
Additionally the company said it entered into agreement with Tripp to partner with BetMakers to help it pursue deals.
“BetMakers has cemented itself with a compelling proposition in the global racing wagering market,” Tripp told BetMakers shareholders today.
“They have built a formidable team with a highly trusted brand and established a global footprint with a large customer base.
“I am delighted to invest into the company and take on a role to assist in growing the business at scale globally.
“I see clear opportunities to support that growth through inorganic and organic deals both in Australia and internationally.”
The company also re-signed CEO Todd Buckingham for another three years – until June 30 2024.
Buckingham said he was thrilled to have secured Tripp’s backing and the company was now in a position to deliver “the next exciting phase of growth.”