Pointsbet will issue 38,750,000 shares at AUD$2.43 for a total of AUD$94 million ($65m/£53m/€63m), representing 15% premium compared to the 5-day volume weighted average price. When issued, the investment will be 12.75% of PointsBet’s issued capital – meaning that SIG will be the company’s largest single investor.
SIG co-founder and managing director Jeff Yass commented on the funding: “SIG Sports is pleased to have made what we consider to be a long-term investment in PointsBet. We have been following their journey for some time and have developed a very positive view of the overall business operations and the capability of the PointsBet leadership team.”
“We believe PointsBet has great potential for future growth and success in the North American sports betting market and SIG has both the analytics and capital to help realize that potential.”
The news comes days after reports in Australia claimed the business rejected an A$220 million ($153m/ £125m/ €145m) offer from News Corp Australia for its Australian wagering division.
PointsBet chairman Brett Paton said: “We are delighted to pair up with a visionary investor which has committed ongoing support and is eminently qualified in analytical trading in financial markets, and now in sports.”
“The cultural alignment between both organisations is strong, and this investment will assist with expanding and growing our North American operations as we seek to lead in in-play betting and enhancing the overall customer experience.”
Original article: https://igamingbusiness.com/susquehanna-subsidiary-acquires-12-8-stake-in-pointsbet/
