PointsBet’s U.S. business is now on the market. The Australian-based betting company has reportedly hired investment bank Moelis & Company to facilitate a sale of its North American operations.
“We believe further industry consolidation is inevitable,” PointsBet told The Australian Financial Review.
The company has struggled to gain market share in the U.S., reportedly ranking as the seventh-largest sports betting operator in the country behind leaders DraftKings and FanDuel. PointsBet was in talks to sell to Australian betting company Betr in late 2022 but never completed the sale.
PointsBet posted $120 million in revenue for the second half of 2022 — a 28% increase year-over-year, chalked up primarily to reduced marketing costs that included renegotiating its marketing deal with NBCUniversal.
