Australian bookmaker PointsBet has secured a $94 million money injection from world monetary market dealer Susquehanna Worldwide Group (SIG) to pursue its money hungry US enlargement plans. It comes simply weeks after ASX-listed Pointsbet turned down a deal to promote its Australian operations to Rupert Murdoch’s Information Corp.
SIG will change into PointsBet’s largest shareholder with a 12.8 per cent stake as a part of the deal that can see the secretive monetary market dealer broaden into the sports activities betting market.
PointsBet shares soared greater than 15 per cent this morning to a excessive of $2.48 after the announcement of the deal that can see SIG purchase shares at $2.43 every. The corporate’s shares soared above $15 final 12 months as buyers wager on its US market enlargement, however the actuality of rising losses and intense competitors have seen the inventory stoop.
“We’re delighted to pair up with a visionary investor which has dedicated ongoing assist and is eminently certified in analytical buying and selling in monetary markets, and now in sports activities,” PointsBet chairman Brett Paton, mentioned.
“In SIG, we’ve discovered a strategic long-term accomplice who believes in factors PointsBet’s capacity to proceed to develop and compete within the North American sports activities betting market,” PointsBet chief govt, Sam Swanell, mentioned.
Swanell highlighted a deal that can see SIG’s Dublin-based sports activities operation, Nellie Analytics, supply PointsBet ’s European operation entry to the quantitative analysis whereas the 2 events develop a longer-term deal.
“Nellie has constructed leading edge quantitative fashions and know-how to make markets for sports activities betting utilizing buying and selling acumen, superior statistical forecasting fashions, and quantitative analysis. These fashions and know-how presently enable Nellie to commerce efficiently on sports activities betting exchanges world wide,” Swanell mentioned.
“We consider Nellie can advance our current functionality (with) extra correct costs and sharper threat administration,” he mentioned.