PointsBet Gets $65 Million Investment From SIG Sports
PointsBet, an Australian-based sportsbook, earned a substantial cash infusion last month that will help them become the preeminent figure in the Australian sports betting market.
PointsBet obtained a $65 million investment from SIG Sports Investments Corp., which is a subsidiary of Susquehanna Investment Group. Susquehanna is a Dublin-based trading firm that is seeking a market share in the sports betting space with recent investments. SIG Sports now owns 12.8% of PointsBet after the investment.
The deal was announced Monday, June 20.
SIG also announced that its fully-owned subsidiary, PointsBet Europe Holding (PEH), has secured an exploratory deal with Nellie Analytics, a Palo Alto, California-based company. The deal is designed so Nellie Analytics can provide exclusive sports analytic information and quantitative modeling to PEH over the next nine months, which is when most major sports leagues will be in the midst of their seasons.
“This will flow through to our customers in the form of higher wagering limits, less price suspension, faster bet placements and improved value for bettors,” PointsBet SEO Sam Swanell said in a news release. “In Nellie Analytics we have found another like-minded team of technologists whose services we believe can accelerate our product-led strategy and thus our right to win in the USA, Canada and Australia.”
PointsBet Stock Jump
PointsBet has had a stellar couple of weeks in the stock market, as their stock increased by 18% following the announcement of their new partnership. SIG Sports bought 38,750,000 shares that were $2.43 AUD (Australian dollars) each at the time PointsBet’s stock was sold.
As of July 14, PointsBet’s shares are selling for $2.73 AUD, which is a 42% increase since this time last month.