After a terrific August and good start to this month, the BetMakers share price has plunged 6%.
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The BetMakers Technology Group Ltd (ASX: BET) share price is struggling in September despite silence from the company.
Making its recent slide more interesting, the wagering technology provider’s share value increased by more than 22% last month. Further, it had a strong start to this month, gaining 14% over the first week of September.
After opening the month at $1.205, the BetMakers share price is currently $1.13, down 1.57% on yesterday’s close, having fallen 1.7% yesterday. That represents a 6% drop over the course of September so far.
Let’s take a look at what might be weighing on Betmakers’ stock lately.
What’s weighing on BetMakers in September?
The BetMakers share price has been struggling recently despite a seemingly positive performance.
BetMakers has been quiet this month. The company hasn’t released any news to the ASX since late August.
However, BetMakers was included in S&P Dow Jones Indices’ quarterly rebalance.
The company’s shares were added to the S&P/ASX 300 Index (ASX: XKO) after they gained 13% over the September quarter. BetMakers has officially been part of the index since Monday.
Additionally, roughly two weeks ago, American betting industry news provider SBCAmericas reported BetMakers’ Global Tote division has provided US$500,000 of sponsorship to the Kentucky Derby.
It is reportedly the company’s first significant US racing sponsorship. It could also be seen as a milestone in the company’s ongoing international expansion.
Unfortunately, the positive news surrounding BetMakers hasn’t been enough to support its share price in September.
It has plunged more than 18% since 8 September for no apparent reason. Though, after its impressive rise throughout August, perhaps September’s losses are part of a routine rebalancing.
BetMakers share price snapshot
Despite its recent struggles, the BetMakers share price is still in the green on the ASX over the long term.
It has gained 64% since the start of 2021. It is also currently 167% higher than it was this time last year.
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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 shares of 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.