PointsBet Raises Over AUD$150m in Retail Entitlement Offer
Posted on September 29, 2020 | 7:31 am
PointsBet, a global online bookmaker based in Australia, has managed to raise over 150 million Australian dollars through a retail entitlement process. The operator issued over 12 million new shares, and eligible shareholders subscribed for 11.7 million of them.
Almost a million of these shares were then traded on the Australian Securities Exchange at an average price of 6.48 dollars apiece. The remaining 1 million shares were offered on a shortfall bookbuild after the market closed, and that helped PointsBet reach its target of raising 153.2 million Australian dollars.
Part of a Plan
This whole process was part of a bigger plan for online bookmaker PointsBet, its goal is to raise around 300 million Australian dollars in order to fund their expansion on the United States gambling market.
So far, the Australian company has reached and surpassed their target, raising over 350 million AUD through a share placement and the retail component that has just completed.
Moving Forward with Live Dealer Games
PointsBet has also seen huge potential in live casino action, and they have put together a partnership with Evolution Gaming, the world’s leading provider of live dealer content.
That agreement was part of PointsBet’s plan of launching live casino services on the United States market, as they are currently present with online sports betting and land-based operations in New Jersey, Indiana and Iowa.
Commenting on that partnership, Seth Young, Chief Innovation Officer at PointsBet, said: “We are thrilled to partner with Evolution Gaming to launch Live Casino technology in US jurisdictions, where we plan to offer our proprietary online casino platform. The addition of Evolution Live Casino extends the appeal of PointsBet’s premium product in the rapidly growing US market.”
PointsBet launched in the United States in January of 2019 and is one of the fastest-growing online sportsbooks on the market. They started out in Australia but their online platform is now available in several countries around the world.
They have also brought an innovation to the online betting market: PointsBetting. This is a new and innovative way to bet, totally different from fixed odds betting. With this way of betting, the potential winnings or losses from a bet are variable and depend on the final score and the statistics of the respective game.