Much has been reported at MajorWager over the last 6 months in regards to BetonSports (BSS)IPO and stock value. In most cases it has not been very positive, and in some cases people have flat out called the initial float a "scam". Well it seems that today the piper got paid. The stock plummeted nearly 52% by the end of trading yesterday.
This will, no doubt, open some sleepy eyes of various regulators. Furthermore this could be a massive blow to the company that floated BSS, Evolution Group. Evolution group will be looked at very closely in this situation as this is the second time in 2 months that their companies have issued profit warnings shortly after the IPO.
It is not clear at this time what affect this devaluation will have on the company`s day to day operations, if any. BSS has stated that their handle (gross dollar value of bets taken)is down a whopping 28%, but more than that , gross margin is off close to 50% from the previous year.