Australian online bookmaker PointsBet has reportedly hired investment bank Moelis & Company to seek out potential buyers for its sports betting operations in North America.
Since first launching in the United States, the company has struggled to gain a meaningful market-share in an industry currently dominated by both DraftKings and FanDuel.
In its most recent financial report, PointsBet posted $120 million in revenue for Q3 and Q4 of 2022. This represented a 28% increase year-on-year. The positive performance was attributed to reduced marketing costs as a result of the company’s deal with NBCUniversal. The company also revealed that the first half of the fiscal year 2023 saw a sports betting handle of around $1.1 billion.
Yet despite these positive results, the company is still ranked as the seventh largest sports betting operator in the country.
There is no indication of any potential buyers as of yet although Fanatics was reportedly interested in buying a stake in PointsBet over a year ago.
PointsBet is currently offering US Sports betting in 14 states and recently withdrew its application for a license to operate in the state of Massachusetts.
Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.
