(NEW YORK)—Investors placed big bets on Golden Matrix Group (OTCMKTS:GMGI) stock this past week as the US Supreme Court voted that the ban on sports betting to be unconstitutional.
GMGI saw its stock spike last week on news that the US Supreme Court voted down the federal ban on sports gambling as unconstitutional, saying states should be in charge on deciding whether to legalize sports betting on a state by state basis.
GMGI, which recently announced the launch of its state-of-the-art online gaming technology in Asia, sent traders into a frenzy with its stock spiking from around $0.0004 to $0.0028 as of Monday’s trading session.
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Ludlow Research, a small cap equity research firm out of New York City, made note to their subscribers that GMGI has real potential to run up from its current levels, but it first may take a few attempts to break above its recent 52-week high of $0.0028 set in late August 2017.
Based on its current valuation, and potential for more positive news regarding sports betting on a state by state basis, GMGI may be a great entry on any pullbacks as this story may be just getting started.
Golden Matrix Group (GMGI), is based in Las Vegas, NV, and is an established gaming technology company that develops and owns online gaming IP and builds configurable and scalable white-label social gaming platforms for its international customers, located primarily in the Asia Pacific region. The gaming IP includes tools for marketing, acquisition, retention and monetization of users. The company’s platform can be accessed through both desktop and mobile applications.
Another potential sports betting play catching traders interest is AppSwarm (OTCMKTS:SWRM), a developer of games and mobile applications, which announced last Monday after the ruling that they would be announcing news on potential launch of several mobile app related products in the sports betting arena.
SWRM is currently trading around $0.02 per share, with only around 100 million shares issued and outstanding.
Other smaller cap sports betting plays being discussed by traders are Seaniemac International (OTCMKTSE:BETSD), Infrastructure Devs Corp (OTCMKTS:IDVC), Hammer Fiber (OTCMKTS:HMMR), and Function(x) (OTCMKTS:FNCX).
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