Here’s why the Pointsbet share price tumbled 10% today

gambling asx share price fall represented by woman in soccer had looking frustrated at tablet screen

gambling asx share price fall represented by woman in soccer had looking frustrated at tablet screen

The Pointsbet Holdings Ltd (ASX: PBH) share price fell more than 10% on Monday. At market close, it finished trading at $2.95.

Pointsbet describes itself as a corporate bookmaker, with operations in Australia, the US, Canada and Ireland.

The small-cap ASX share is scheduled to hand in its FY22 fourth quarter update on 29 July 2022. However, it has been a while since the company released a price-sensitive announcement.

However, it’s not the only small ASX share that is down today. The S&P/ASX 200 Index (ASX: XJO) is down 0.1% and the S&P/ASX Small Ordinaries Index (ASX: XSO) is down 0.75%.

Some of ASX’s other growth shares are also down. The Adore Beauty Group Ltd (ASX: ABY) share price is down 4%, the Temple & Webster Group Ltd (ASX: TPW) share price is down 3.4%, the Cettire Ltd (ASX: CTT) share price is down 14%, the Appen Ltd (ASX: APX) share price is down 15% and the Whispir Ltd (ASX: WSP) share price is down 7.8%.

What’s going on with the Pointsbet share price?

Aside from simply matching the decline of other small cap ASX shares, there could also be an element of profit-taking from some investors.

The Pointsbet share price is still up 10% over the last week and it’s up 18% in the past month.

According to reporting by the Australian Financial Review, bond investors are betting that there is going to be an economic slowdown in the US (and the world), but interest rates may still need to go up to control inflation.

The post Here’s why the Pointsbet share price tumbled 10% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd, Cettire Limited, Pointsbet Holdings Ltd, Temple & Webster Group Ltd, and Whispir Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Adore Beauty Group Limited. The Motley Fool Australia has recommended Adore Beauty Group Limited, Cettire Limited, Pointsbet Holdings Ltd, Temple & Webster Group Ltd, and Whispir Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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