Two ASX 300 betting shares suffered massive falls today following the release of their quarterly results.
The share prices of Pointsbet Holdings Ltd (ASX: PBH) and Betmakers Technology Group Ltd (ASX: BET) both tumbled more than 10% today.
Let's take a look at what these ASX 300 betting shares reported to the market.
Image source: Getty Images
Pointsbet
The Pointsbet share price tanked 17.4% today with investors seemingly dumping their shares after the release of the company's quarterly results.
Pointsbet reported a net cash outflow of $75.7 million, compared to $60.7 million in the previous quarter. The gross win margin fell 2.7% on the prior corresponding quarter from 10.1% to 7.3%.
However, the company reported a record total net win of $103.4 million, a 34% gain on the prior corresponding period. The company's turnover also lifted 56% to $2,068.8 million.
In other company news, Pointsbet launched online sports betting in the US states of Maryland and Ohio earlier this month.
Betmakers Technology Group
Meantime, the Betmakers Technology Group share price shed 11.76% today.
The company reported a net cash outflow of $5.918 million from its operating activities during the quarter. However, it received $26.9 million in cash receipts in the second quarter, up 13% compared to the first quarter of this financial year. At the end of the quarter, the company had a cash balance of $61 million.
Betmakers also noted the investment made in growth opportunities during H1FY23 is "expected to result in negative earnings in FY23". However, it added:
The company believes that the investment made over the last six months puts it in a stronger position to deliver the next phase of growth, both in revenue and earnings.
Betmakers also announced a board and management restructure. Matt Davey will take on the role of President and executive chairman. Jack Henson has been appointed to the CEO role.
