The share price of S&P/ASX 300 Index (ASX: XKO) favourite BetMakers Technology Group Ltd (ASX: BET) is in the red on Friday amid news one of its major shareholders has banked $11 million from selling its stock.
Bookmaker-turned-businessman Tom Waterhouse is behind the selling.
The BetMakers share price is 33 cents at the time of writing, 2.94% lower than its previous close.
For comparison, the ASX 300 is down 0.54% right now.
Letâs take a closer look at whatâs been going on with the betting and wagering technology providerâs stock lately.
Waterhouse offloads shares in ASX 300 favourite
The BetMakers share price is tumbling on Friday amid news one of the companyâs major shareholders has been selling down their stake.
Waterhouseâs waging and gaming investment fund, Waterhouse VC, first bought into BetMakers in January, snapping up around 72.4 million shares. That saw the former bookie with an 8.01% stake in the company.
In September, Waterhouseâs hold of the ASX 300 company was increased to 9.06% on the exercise of performance rights.
Today, a release to the ASX revealed Waterhouse has dumped the additional holding, selling it in three equal parcels. The first parcel of 3.33 million shares sold on 21 September, the second on 5 October, and the third on Wednesday.
Waterhouse walked away from the sharesâ sales with his pockets $11.4 million heavier and an 8.05% voting power in BetMakers.
Sadly, todayâs tumble is just the latest to be experienced by the BetMakers share price. It has fallen a whopping 60% since the start of this year. Itâs also 71% lower than it was this time last year.
Meanwhile, the ASX 300 has fallen 12% year to date and 10% over the last 12 months.
The post A certain ex-bookie has sold off $11m worth of this ASX 300 share in a month 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. has positions in 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 Scott Phillips.
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