Investors are betting on the Pointsbet share price today, it’s up 7%

The Pointsbet Holdings Ltd (ASX: PBH) share price is currently up by 7%. That means that it’s now up by 12% for the week.

Pointsbet shares have gone up so much that it has risen by around 37% since 1 August 2022.

Today’s 7% rise comes at the same time that the S&P/ASX 200 Index (ASX: XJO) is up by just 0.1%. So, Pointsbet’s share price has experienced significant outperformance.

The Jumbo Interactive Ltd (ASX: JIN) share price is down 1.4% and the Tabcorp Holdings Limited (ASX: TAH) share price is up 0.7%. So, it’s not as though the entire ‘gambling sector’ is soaring.

The company hasn’t released any material information today. The last news that investors heard was the FY22 fourth quarter update. Updates can have an influence on the Pointsbet share price.

Quarterly recap

Looking at the overall numbers (which is Australia and the US combined), Pointsbet said that sports betting turnover for the quarter was $1.3 billion, up 32%. The sports betting gross win was up 24% to $122 million and (including iGaming) the total net win was up 41% to $85.8 million.

This meant that, for FY22, sports betting turnover was up 32% to $5 billion, the gross win went up 41% to $497.8 million and the overall net win (including iGaming) jumped 48%.

Pointsbet share price snapshot

Since the beginning of 2022, Pointsbet shares have fallen 44% despite today’s rise.

The post Investors are betting on the Pointsbet share price today, it’s up 7% appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today
• Why is the Pointsbet share price up 8% on the ASX today?
• Why BrainChip, Fortescue, PointsBet, and Zip shares are dropping

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 Jumbo Interactive Limited and Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Jumbo Interactive Limited and Pointsbet Holdings 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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