PointsBet, an Australian sports wagering firm, is returning value to its stakeholders following the sale of its American operations to Fanatics. The company’s stockholders have endorsed a plan to distribute up to A$458 million to shareholders. This capital will be sourced from the sale of the US business and the company’s liquid assets. The initial disbursement of A$315 million will be made in September, followed by a subsequent payment of between A$125 million and A$143 million in March 2024. PointsBet states that the US business contributed to half of its total earnings. <\/p>\n
During the initial six months of 2023, the United States represented approximately half of PointsBet’s earnings, and 40% of its net gain. In the period concluding on December 31, 2022, the US enterprise contributed $1.6 billion in income to the organization, nearly half of its total revenue of $3.2 billion.<\/p>\n
PointsBet previously declared that its ventures in Australia and Canada would essentially be at a standstill.<\/p>\n
PointsBet consented to sell its US operations to Fanatics after the sports retail behemoth submitted a bid exceeding that of DraftKings.<\/p>\n
Fanatics’ FBG initially reached an accord with PointsBet in May to acquire its US operations for $150 million. However, in June, DraftKings presented a more substantial bid of $195 million. PointsBet indicated it would engage in negotiations with DraftKings as it considered this to be a more favorable proposition.<\/p>\n
After verifying FBG’s enhanced offer, DraftKings declared it would no longer pursue the arrangement.<\/p>\n
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PointsBet, an Australian sports wagering firm, is returning value to its stakeholders following the sale of its American operations to Fanatics. The company’s stockholders have endorsed a plan to distribute up to A$458 million to shareholders. This capital will be sourced from the sale of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n