According to reports, Moelis & Company, an investment firm, has been engaged by Australian online bookmaker PointsBet to look for potential purchasers for its North American sports betting operations.
In a sector that is now dominated by both DraftKings and FanDuel, the company has had difficulty growing its market share since its initial introduction in the United States.
PointsBet reported $120 million in revenue for the third and fourth quarters of 2022 in its most recent financial report. This was a 28% year-over-year rise. The company’s contract with NBCUniversal, which resulted in lower marketing expenses, was credited with favorable results. The business also disclosed that sports betting handled reached almost $1.1 billion in the first half of the fiscal year 2023.
The business is still ranked as the seventh-largest sports betting operator in the nation despite these encouraging outcomes.
Although Fanatics was purportedly interested in purchasing a stake in PointsBet more than a year ago, there are currently no signs of any potential bidders.
PointsBet recently dropped its application for a license to operate in the state of Massachusetts and is currently active in 14 states.
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