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Trading opportunity on “Betmakers (BET)”?

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    Trading opportunity on “Betmakers (BET)”?

    BET (Betmakers) share price dropped from the high of $1.65 in June last year to a close of $0.56 on 28/2/22. BET announced fin results yesterday with rev up 473%, gross profit up 700% and EBITDA positive $2.3 million turned from negative. It has signed a number of major deals in the US, including introducing fixed odds betting for new jersey, the first in the USA. Macquarie group has recently acquired over 101 million Betmakers shares and become a major share holder holding 11.24% of shares in Betmakers. Is it a good trading opportunity to follow Macquarie's bet on BET

    Answer

    Hi Peter,

    If we were trading this stock, we would  follow the tape being a happier buyer at higher prices with a clearly defined stop e.g. with the stock trading around 63c on Thursday buy if it breaks 65c and place stops below this months 53c low. When a stock has demonstrated its ability to consistently destroy wealth, trading without quantifiable risk can be fraught with danger. I don’t know enough about the stock to invest in it.

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