Sequoia initiates coverage on business-to-business wagering technology and data company Betmakers Technology with a Buy rating and $0.77 target price.
The company is not a wagering company. It provides software and related technologies to racing authorities, racetrack owners,sporting rights holders and wagering operators globally, explains the analyst.
The analyst believes the June 2021 acquisition of Sportech's US tote and digital assets delivered critical mass in revenue, customers and operations. In addition, the transaction significantly lifted exposure to the high-growth US gaming market.
Sequoia notes the company is actively seeking acquisitions which could add further upside.
This report was published on April 19, 2022 (before the trading halt and the material announcement).
BET Price at posting:
64.5¢ Sentiment: Buy Disclosure: Held
