Pointsbet Holdings Ltd

PointsBet (ASX:PBH) has announced that eight of its largest 10 holders, representing 44.58% of the issued capital, have either voted in favour or plan to support the sale of the company's United States business.

The final decision will be made at the upcoming EGM on 30 June 2023, barring a better proposal.

PointsBet is a corporate bookmaker with operations in Australia, the U.S., Canada, and Ireland, offering sports and racing wagering products and iGaming.

The betting company's share price hit $1.39 in early trading.

PointsBet Holdings (ASX:PBH) has announced its PointsBet US is to be sold to Fanatics Betting and Gaming for US$150M, subject to condition and PointsBet shareholder approval. 

PointsBet said it will retain its Australian Trading Business and growing Canadian Trading business, as well as ownership of its proprietary platform and licence to exploit the company's Banach technology assets.

It also said its funding requirement for the US business will be capped at about $US21M from the conclusion of the shareholder meeting to final completion of the proposed transaction.

The PointsBet Board intends to distribute to shareholders the net sale proceeds together with the majority of its corporate cash reserves, estimated to be about $1.07 - $1.10 per share, in total. 

PointsBet (ASX:PBH) has announced its subsidiary, PointsBet Ohio, has launched online sports betting operations in the US state.

PointsBet says the launch marks its 14th online sports betting operation in the US, following successful launches in New Jersey, Iowa, and Indiana, to name a few.

Its USA CEO Johnny Aitken says it’s thrilled to have launched the mobile sports betting product on the starting line in Ohio:

“We look forward to delivering The Buckeye State with new ways to enjoy their favourite sports through our market-leading app, especially with the NFL Playoffs and CFP National Championship commencing in just a few short weeks.”