PointsBet seeks to explore the U.S market in the latest $43 Million Acquisition of Banach Technologies (an Irish betting software company). The complete purchase is the company’s latest bid in conquering and prevailing in the U.S betting market.
PointsBet Gains From The Acquisition
The deal was valued at $43 Million and was mainly settled through cash. The merger is set to strengthen PointsBet’s position in the already competitive and valuable U.S betting market.
According to Sam Swanell, PointBet’s group executive and managing director, the deal will help the company deliver its full potential to the advantage of its shareholders and stakeholders.
PointsBet CEO Johnny Aitken also told CNBC that in-game wagering was the hallmark of the $40+ Million deal. It’s only a matter of time before the ROI of the deal is determined, but there is an already predicted profit gain for the company given the positive betting trend reported in the U.S.
Also, Banach’s former founders are expected to take up new positions at PointsBet. For instance, Mark Hughes who was the former Banach chief executive, is set to become the new chief operating officer of PointsBet.
PointsBet Prevalence In The U.S
The company already has territories in six states (Colorado, Iowa, New Jersey, Illinois, Michigan, and Indiana), with a pending launch of additional two (Tennessee & Virginia).
It is also worth noting that PointsBet has already pulled off some major moves like partnering with the National Hockey League for a $550K worth stock deal.