{"id":4558,"date":"2023-05-16T08:43:29","date_gmt":"2023-05-16T08:43:29","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2023\/05\/16\/pointsbet-exits-us-market-sells-operations-to-fanatics-for-225-million\/"},"modified":"2023-05-16T08:43:29","modified_gmt":"2023-05-16T08:43:29","slug":"pointsbet-exits-us-market-sells-operations-to-fanatics-for-225-million","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2023\/05\/16\/pointsbet-exits-us-market-sells-operations-to-fanatics-for-225-million\/","title":{"rendered":"PointsBet Exits US Market, Sells Operations to Fanatics for $225 Million"},"content":{"rendered":"<div>\n<p>In a significant move within the sports wagering industry, PointsBet, a prominent Australian-based operator, has agreed to sell its operations in 15 US states to global sports betting corporation Fanatics for a staggering $225 million (approximately $150 million US). The deal, subject to shareholder and regulatory approval, comes as a result of PointsBet\u2019s failure to secure a significant market share in the US despite comprehensive promotional campaigns and activities.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/record.revmasters.com\/_a1BXbZV3uxxVQ9qiBeFuTWNd7ZgqdRLk\/1\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"BetUS\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/BetUS.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/record.revmasters.com\/_a1BXbZV3uxxVQ9qiBeFuTWNd7ZgqdRLk\/1\/\" title=\"BetUS\" target=\"_blank\" rel=\"nofollow noopener\">BetUS<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. 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CEO Sam Swanell explained, \u201cIn 2018, pretty much every online betting company in the world targeted that market. It is expensive to do business there because it\u2019s a state-by-state market. You need scale.\u201d<\/p>\n<p>This decision follows a series of terminated partnerships in the North American market, including those with odds provider NBC Sports and the University of Colorado, highlighting the challenges PointsBet has faced during its expansion in North America. Despite being ranked as the seventh-largest sportsbook in the US, the wagering company struggled to achieve its desired growth and market penetration.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative mb-10\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/luxep.media-412.com\/click?pid=214&#038;offer_id=184\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"Rich Prize\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/04\/Rich-Prize-Casino.png\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative\">\n\t\t<a href=\"https:\/\/luxep.media-412.com\/click?pid=214&#038;offer_id=184\" title=\"Rich Prize\" target=\"_blank\" rel=\"nofollow noopener\">Rich Prize<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong><strong>100% up to $1000 + 25% Cashback!<\/strong><\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. 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Swanell revealed that PointsBet was projected to incur losses of up to $123 million by the end of this year. However, with the completion of the transaction, advised by Moelis &#038; Co and Flagstaff Partners, the losses will be reduced to $21 million.<\/p>\n<p>Swanell elaborated on the deal, stating, \u201cWhen you think about the deal, you\u2019ve got to think about it in terms of the headline price, but also the fact that we\u2019re preserving the capital that we have on the balance sheet. 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With this expensive foray now coming to an end, Swanell emphasized the company\u2019s intention to distribute the excess surplus corporate cash, as well as the proceeds from the transaction, to shareholders.<\/p>\n<p>Moving forward, PointsBet will refocus its efforts on its Australian and Canadian businesses, merging them into a new entity called PointsBet\u2019s RemainCo. Swanell expects this merged business to break even on an EBIDTA (Earnings Before Interest, Taxes, Depreciation, and Amortization) basis within 12 months after the termination of its US operations. Swanell expressed optimism about the growth potential in Australia, stating, \u201cThe market has somewhat stagnated in Australia because there have been some headwinds, but we\u2019re clearly growing our market share. 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The deal, subject to shareholder and regulatory approval, comes as a result of PointsBet\u2019s failure to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-4558","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/4558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=4558"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/4558\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=4558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=4558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=4558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}