The PointsBet Holdings Ltd (ASX: PBH) share price has been suffering lately despite only good news being released by the company. Over the last 30 days, the stock's value has fallen 16.5%.
At the time of writing, the PointsBet share price is $7.35, 2.78% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) has gained 0.12% today but has fallen 1.12% over the last 30 days.
Let's take a look at what the market has heard from the bookmaker lately.
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What's weighing on the PointsBet share price?
Interestingly, the PointsBet share price has continued to tumble over the last 30 days despite the only price-sensitive news from the company appearing to be positive.
On 24 November, the company announced it had been awarded a temporary sports betting supply licence in Virginia.
The news heralded the company's first lottery-regulated market licence award. It will see PointsBet's Virginian subsidiary offering online sports wagering in the state.
The company has previously partnered with NBC Sports to provide sports betting. It now plans to use the media giant's television and digital assets to promote its own brand in Virginia.
Despite the apparent good news, the PointsBet share price fell 0.4% that day.
The dip could be a continued reaction to the bookmaker's latest quarterly trading update, which saw its share price drop 18.2%.
As my Foolish colleague Mitchell reported at the time, the company's growth was strong over the first quarter of financial year 2022.
Its turnover increased 42% on that of the prior comparative period. Additionally, the number of people who had placed a bet in the last 12 months increased 79% on that of the first quarter of financial year 2021.
However, its sales and marketing costs were substantial, potentially spurring the company's share price's fall.
Unfortunately, it continued to fall beyond the release of the update. The company's stock hit a new 52-week low of $6.63 in early December.
Right now, the PointsBet share price is 35% lower than it was at the start of 2021.
