PointsBet is one of the biggest names in American sports betting, but the Australian company could be on the verge of selling its operation in the United States. Here's the latest on the status of the sale of one of the top sports betting apps, including potential candidates to buy PointsBet's US operation.
What is PointsBet
PointsBet is an Australian-based betting company that operates in 14 American states. It has the seventh-highest market share among online sportsbooks in the United States, behind industry leaders such as BetMGM, DraftKings Sportsbook, and FanDuel Sportsbook. In the first half of the 2023 fiscal year, $1.1 billion in bets were placed on PointsBet, making it one of the best sports betting sites on the market.
New PointsBet users can get up to $250 in second chance bets by signing up with our PointsBet Promo Code, which is one of the best sportsbook promo codes. For each of the first five days after creating your account, your first bet of the day will be matched up to $50 with a second chance bet if your initial bet loses. New PointsBet users can get up to five second chance bets for a total of $250 in bonus bets. You must be at least 21 years old and physically present in a state where PointsBet operates in order to use our PointsBet promo code. Any money in your PointsBet account will be unaffected by a potential sale of the company's North American operation.
PointsBet To Sell US Operation?
PointsBet reported $120 million in US revenue for the second half of 2022, but the company has made its North American operation available for sale. The Australian sportsbook has reportedly hired investment firm Moelis & Company to facilitate the sale of one of the top PayPal betting sites.
PointsBet's desire to sell its US operation stems from a belief that further consolidation will occur in the US sports betting industry, decreasing PointsBet's market share over time. In another signal of a likely sale to come, PointsBet withdrew its application to operate in Massachusetts, which launched online sports betting in March.
Potential Buyers For PointsBet's US Operation
Numerous potential buyers have been linked to PointsBet's North American operation. Acquiring PointsBet's US operation would allow an existing sportsbook to grow substantially, accelerating the consolidation in the US betting market that PointsBet's experts have predicted. Alternatively, this is also a golden opportunity for any smaller or international sports betting companies looking to get off the ground in the US.
Fellow Australian sportsbook Betr was in talks to purchase PointsBet's US operation in 2022, but no sale materialized. Another company that has shown interest in acquiring the operation is Fanatics, which reportedly looked into buying PointsBet's American operation over a year ago. The sports merchandise giant is moving forward with a sportsbook of its own, but acquiring PointsBet remains on the table as a way for Fanatics to quickly acquire significant market share and grow its brand in American sports betting markets. Fanatics Sportsbook aims to go live in 12 states by the time the 2023 NFL season kicks off, but Fanatics had yet to launch in any state prior to May 1.
Keep tabs on PointsBet and which of the top credit card betting sites may look to acquire them.
