Stake co-founders increase PointsBet shareholding to 5%
Ed Craven and Bijan Tehrani have strengthened their position in ASX-listed operator as their shareholding rises above the 5% reporting requirement marker
Stake co-founders Ed Craven and Bijan Tehrani have secured a 5.01% shareholding in PointsBet via their Easygo brand.
Craven and Tehrani’s 5% stake in the ASX-listed operator means they boast more than 16 million shares.
According to an ASX filing, Easygo has secured some 2.4 million shares in PointsBet since 8 March.
The expansion of the pair’s holding in PointsBet sees them continue to spread into the regulated market after launching crypto-first operator Stake.
Easygo was also founded by the aforementioned duo, with the tech company powering both Stake and its sister streaming site Kick.
A spokesperson for Easygo explained that the reasons behind the investment in PointsBet stems from the group’s confidence that it will prove to be a shrewd decision in the long-term thanks to the bookmaker’s strategy.
They claimed: “Our investment portfolio at Easygo extends well beyond gaming and includes a range of entertainment, media, wagering and technology companies.
“We will continue to expand our investment portfolio and will look for further opportunities within the global media and entertainment system.”
Last December saw the Easygo co-founders build a combined share of 4.2% in the Australian operator, which is now firmly focused on operations Down Under after selling its US-facing arm to Fanatics for $225m .
Australians are currently unable to play any of the games on Craven and Tehrani’s Stake site, due to the fact that locals cannot legally bet with cryptocurrency as of last year.
Since its inception in 2017, Stake has landed a number of high-profile sponsorship deals, including with rap superstar Drake as a brand ambassador that sees the Canadian stream for Kick.
Stake sponsors Alfa Romeo’s F1 team and English Premier League outfit Everton.
Stake has made its presence felt in the Latam market, after purchasing Betfair’s Colombia-based business from Flutter Entertainment. It soon rebranded operations to stake.com.co and holds a licence to operate until 2025.