The Betmakers Technology Group Ltd (ASX: BET) share price is sliding 2% lower on Friday and is currently at 62 cents.
The downfall extends this year’s loss for the company, with shares tanking more than 22% since trading restarted in January.
Just in the last week, they have slipped 9% into the red.
What’s up with Betmakers?
The Betmakers share price had been on a gradual glide towards the landing strip since October last year. Over that time, it has tumbled from a high of $1.23 with no obvious signs of recovery along the way.
Selling pressure only continued when Betmakers released its FY22 half-year earnings last month, in which the company recorded a loss after tax of $27.8 million, far worse than the $4.4 million the previous year.
Excluding non-cash items like depreciation, the loss still amounted to almost $23 million, whereas net tangible assets climbed to $137.6 million.
This is despite a 473% jump in revenue to $43.5 million for the year. However, Betmakers also diluted its share count from 601.5 million shares to almost 858 million shares during the period.
Investors punished the company after its results, sending the Betmakers share price tumbling by 6%.
They’ve yet to make a recovery and have been trading in a narrow sideways channel since.
Betmakers share price snapshot
In the last 12 months the Betmakers share price has lost 45% and is down 22% this year to date.
However, it has gained almost 11% over the past month.
The post Why is the Betmakers (ASX:BET) share price having such a lousy week? appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Betmakers Technology Group Ltd. The Motley Fool Australia has recommended Betmakers Technology Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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