EBET (EBET:NSD), a company offering betting services at casinos and sports wagering, has seen its stock surge by 25% on Monday morning. The sudden increase can be attributed to insider buying and heavy trading volume. According to a recent filing with the US Securities and Exchange Commission (SEC), Director Christopher Downs increased his stake in the company by acquiring 6,300 shares of EBET stock through the conversion of restricted stock units. This has resulted in a significant jump in trading volume, with over 5 million shares being traded as of writing.
The company’s gambling-focused business, which includes sports betting, could also be contributing to the stock’s surge. With the recent conclusion of Super Bowl LVII, there may have been increased interest in the sports betting industry, leading to higher trading volume for EBET stock.
EBET Stock Price Analysis:
EBET, Inc. develops products and operates platforms to provide a real money online gambling experience focused on casino, sportsbook, and esports events. The company operates a portfolio of proprietary online casino and sportsbook brands consisting of Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP.
It also provides i-gaming, which include digital versions of wagering games in land-based casinos, such as blackjack, roulette, and slot machines, as well as online betting services. In addition, the company offers online gaming platform and managed services, including customer service, customer on-boarding, and payment processing ensuring operational stability and continuity.
The company was formerly known as Esports Technologies, Inc. and changed its name to EBET, Inc. in May 2022. EBET, Inc. was incorporated in 2020 and is based in Las Vegas, Nevada.