PointsBet, an Australian online casino and sports betting company, revealed that it has sold roughly 13 percent of its ownership to a subsidiary of Susquehanna International Group (SIG) of Companies, becoming the US corporation PointsBet’s biggest stakeholder. SIG paid $65.5 million (94.2 million Australian dollars) for a 12.8% ownership holding valued at $1.43 ($2.43 Australian dollars) per share.

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Visionary Investor in Sports Betting Front

Brett Paton, chairman of PointsBet, referred to SIG Sports as a “visionary investor” and highlighted the company’s expertise in analytical trading, which would assist PointsBet in expanding its “North American operations as they attempt to lead in in-play betting and enhance the client experience.” According to reports, customers will get substantial advantages from this relationship. According to PointsBet CEO Sam Swanell, the agreement enables PointsBet to provide its clients with greater wagering limits, less price suspension, quicker bet placements, and enhanced value for bettors.

A Partnership Years in the Making 

According to a press release, Nellie Analytics, a subsidiary of SIG Sports, will collaborate with PointsBet to build this in-play tool and “offer sports analytics and quantitative modeling capabilities.” Ireland-based Nellie Analytics was created in 2016 as the sports betting and trading part of SIG Sports. The Nellie Analytics team will use its “quantitative methodology” to expedite the company’s product-driven strategy and North American expansion. Before committing to a long-term relationship, the original agreement stipulates a nine-month, cost-free period of exploration between the two firms. 

This statement comes a week after it was reported that PointsBet rejected a bid from NewsCorp and Australian bookmaker Matthew Tripp for the company’s Australian operations for $153.1 million (220 million AUD). Analysts estimate the Australian market value of PointsBet to be around $433 million, therefore this offer was quite optimistic. PointsBet was also rumored to be a possible acquisition target for Fanatics, a company aiming to enter the sports betting sector. According to Ari Borod, chief commercial officer for betting and gaming, Fanatics’s stated objective is to become a “global digital platform for sports. According to SIG co-founder Jeff Yass, the financial titan waited and evaluated the US sports betting sector for many years before choosing its final partner. Yass also said that “the abilities required to be a successful options trader are the same skills required to be a good bookmaker,” therefore the business is sure that its financial experience will provide it with a unique vantage point from which to influence the sports betting market.

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