PointsBet in “well advanced” negotiations over sale of North American business
Operator confirms discussions at a critical point while talks regarding sale of Australian arm continue
PointsBet has confirmed it is in “well advanced” negotiations regarding the whole or partial sale of its North American business.
The ASX-listed firm said it remained in discussions regarding strategic transactions that would offer the “potential to add value for [its] shareholders”.
PointsBet stated that it was currently in talks with multiple parties regarding the sale of its North American arm, with some of those negotiations at an advanced stage.
Earlier this month, the Australian Financial Review reported that PointsBet had appointed Moelis & Co to help facilitate the sale of its North American operations.
The update comes as the operator also confirmed it had completed a cost and efficiency review of its North American operations, which has resulted in a 12% reduction in headcount.
PointsBet said this reduction is expected to result in annualised cost savings of around A$6m.
Elsewhere, the group also confirmed it remained in dialogue with third parties regarding the sale of its Australian business.
These discussions come after a potential acquisition of PointsBet’s Australian arm by Betr were terminated earlier this year.
Entain has been mooted as a potential buyer for the division.
Elsewhere, PointsBet reported a 39% year-on-year (YoY) increase in revenue for the three months to 31 March.
Active customers for the 12 months to 31 March amounted to 555,125, while the group confirmed it expects H2 full-year 2023 losses to land between $77m and $82m.