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Wednesday, April 17, 2024
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Sports Betting Giant Selling Its U.S. Operations

  • PointsBet has hired investment bank Moelis & Company to facilitate a sale of its North American operations.
  • The company has struggled to gain market share in the U.S.
A view of PointsBet's Denver offices.
PointsBet

PointsBet’s U.S. business is now on the market.

The Australian-based betting company has reportedly hired investment bank Moelis & Company to facilitate a sale of its North American operations.

“We believe further industry consolidation is inevitable,” PointsBet told The Australian Financial Review.

The company has struggled to gain market share in the U.S., reportedly ranking as the seventh-largest sports betting operator in the country behind leaders DraftKings and FanDuel.

PointsBet was in talks to sell to Australian betting company Betr in late 2022 but never completed the sale.

  • PointsBet posted $120 million in revenue for the second half of 2022 — a 28% increase year-over-year, chalked up primarily to reduced marketing costs that included renegotiating its marketing deal with NBCUniversal.
  • It also saved money by withdrawing its application to operate in Massachusetts, which launched online sports betting in March.
  • The sportsbook is live in 14 states.

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While PointsBet’s U.S. operations have been disappointing, they haven’t been fruitless: It reported a total sports betting handle of $1.1 billion for the first half of the 2023 fiscal year.

There should be plenty of suitors to take over the operation. Fanatics had reportedly looked into buying the company over a year ago.

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