The Betmakers Technology Group Ltd (ASX: BET) share price was a relatively positive performer on Wednesday.
Although the betting technology company's shares ended the day flat at 39 cents, this was significantly better than the majority of the market.
For example, the All Ordinaries index lost 2.5% of its value during today's session.
However, it is worth noting that the Betmakers share price isn't beating the market on a monthly basis.
Since this time in August, the company's shares have shed 15% of their value.
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Why is the Betmakers share price down 15% in a month?
The main weakness in the Betmakers share price in recent weeks appears to have been driven by the release of its full year results.
Although Betmakers reported a massive 371% increase in revenue to $91.7 million, its EBITDA loss was almost as much at $86 million. This was up from a loss of $18.1 million a year earlier. That means for every dollar of revenue it brought in, it lost 94 cents.
Since then, short sellers have been adding to their positions, putting additional pressure on the sell side of the equation.
At the last count, the company had 14.1% of its shares held short. This made it the second most shorted share on the Australian market, just behind Flight Centre Travel Group Ltd (ASX: FLT).
Short sellers appear concerned about the company's cash burn and how long its current $87.5 million cash and cash equivalents balance will last.
