The Pointsbet share price is tumbling 7% on Wednesday. What’s going on?

Man open mouthed looking shocked while holding betting slipMan open mouthed looking shocked while holding betting slip

The Pointsbet Holdings Ltd (ASX: PBH) share price is flopping today.

It is currently 7.62% lower than its previous close, with stock in the bookmaker swapping hands for $2.79.

That’s a slight improvement on earlier today, however, when the PointsBet share price plunged to a new 52-week low of $2.76 – the lowest it’s been since March 2020.

But it’s not alone in the red today. Right now, the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) are both struggling. They’ve fallen 0.5% and 0.51% respectively.

So, what might be weighing on Pointsbet’s stock on Wednesday? Let’s take a look.

What’s going on with the PointsBet share price?

The Pointsbet share price is suffering on Wednesday despite no news from the company.

The last time the market heard a word from the bookmaker was on 13 April, when it released an update on its iGaming operations.

However, its home sector – the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) – is also falling today.

The sector has slipped 0.89% at the time of writing, with Pointsbet’s stock coming in as its biggest weight.

 While there’s no obvious reason for its movements today, that might change come Friday when PointsBet is expected to release its results for the three months ended 31 March 2022.

Today’s fall leaves the PointsBet share price 19% lower than at the end of last Wednesday’s session. It has also dropped 60% in 2022 and 77% since this time last year.

The post The Pointsbet share price is tumbling 7% on Wednesday. What’s going on? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings 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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