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PointsBet is set to reward its shareholders following the sale of its US operations to Fanatics Betting and Gaming. This announcement came in the company’s most recent general meeting.
On June 30, PointsBet made the decision to sell its US assets for a whopping $225 million. Although the deal is still pending approval from regulatory bodies, it’s expected to be carried out in multiple stages. Upon securing the initial green light, PointsBet will get $175 million. After that, another $50 million will follow.
PointsBet highlighted that this sale would lead to a shift in their business structure. “Following the sale of the US Business, the funding requirements of the Company’s remaining assets will be fundamentally different to the status quo,” stated the company.
After the sale’s initial completion, expected around mid-September, shareholders are set to receive about $203.6 million. This figure is converted from Australian dollars to US dollars. Subsequently, by March 2024, a second payment estimated between $80.8 million and $92.4 million will be distributed to the shareholders.
With its US operations off its books, PointsBet posted impressive results for FY 2023. They reported a turnover of AUD 5.74 billion, crediting their success to this strategic move which allowed them to tap into other profitable ventures.
As for Fanatics, this acquisition positions them well to compete head-to-head with established names in the US gambling sector. Giants like FanDuel and DraftKings might need to watch out. Market experts think this acquisition is a smart play for Fanatics, especially with the NFL season around the corner.