PointsBet Considering DraftKings’ $195M U.S. Sale Offer

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An Australia-based legal sports betting operator is considering selling its U.S. business. PointsBet has announced that the sportsbook is considering a $195 million offer to offload its U.S. operations to DraftKings. The offer from DraftKings comes after Fanatics, which launched wagering in January, agreed to a deal to acquire PointsBet’s U.S. assets for $150 million.
Directors at PointsBet are actively considering DraftKings’ offer and expect to draft a formal proposal regarding a potential transaction. The group anticipates entering into negotiations with DraftKings on the possible sale and will ask shareholders to vote on the issue on June 30.
Boston-based DraftKings...

An Australia-based legal sports betting operator is considering selling its U.S. business. PointsBet has announced that the sportsbook is considering a $195 million offer to offload its U.S. operations to DraftKings. The offer from DraftKings comes after Fanatics, which launched wagering in January, agreed to a deal to acquire PointsBet’s U.S. assets for $150 million.
Directors at PointsBet are actively considering DraftKings’ offer and expect to draft a formal proposal regarding a potential transaction. The group anticipates entering into negotiations with DraftKings on the possible sale and will ask shareholders to vote on the issue on June 30.
Boston-based DraftKings is the second-largest sportsbook in America in terms of market share, while PointsBet is ranked seventh. FanDuel is the No. 1 operator in the U.S. with a 50% share.
PointsBet has online betting sites in 14 states, including Colorado, Michigan, Ohio, Pennsylvania, and New York. A deal for DraftKings would bolster the company’s customer acquisition strategy while hampering Fanatics’ growth as an operator in a competitive market.
DraftKings and Fanatics have displayed interest in PointsBet’s U.S. business following encouraging returns for the sportsbook. PointsBet posted $120 million in revenue for the six months ending December 31, 2022 — a 28% increase year-over-year. The company reported a total sports betting handle of $2.2 billion in H1 FY2023, up from $1.6 billion in H1 FY2022.
PointsBet is still aiming toward profitability with a net loss after tax of $110 million in H1 FY2023, a 19% uptick year-over-year. Despite the losses, PointsBet’s U.S. assets present a unique opportunity for a sports betting operator looking to expand its reach.
This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/pointsbet-considering-draft-kings-195m-sale-offer-june-2023