PointsBet completes acquisition of Banach Technology
PointsBet Holdings has completed the acquisition of Banach Technologies Limited.
This acquisition will position PointsBet as a leader of in-play sports wagering in the United States, just as in-play wagering is expected to grow exponentially. Within the next 3 years, in- play wagering is expected to represent 75% of all sports wagering activity in the United States.
This acquisition accelerates PointsBet’s technology roadmap and places the Company in a prime position to take advantage of this growth in sports betting activity in the United States. Additionally, through highly sophisticated risk management algorithms and deep trading experience, Banach’s technology will allow PointsBet to optimise achieved margin and offer superior value to their customers.
Commenting on the completion, Sam Swanell PointsBet Group CEO and Managing Director stated: “We are delighted to welcome Banach into the PointsBet family and look forward to working together to deliver our full potential for the benefit of PointsBet shareholders, and all of our stakeholders”.
Mark Hughes, former Founder & CEO of Banach Technology set to become PointsBet Group Chief Operating Officer, added: “The team at Banach is delighted to be joining PointsBet at this exciting time in their journey. The compatibility of our two businesses presents an excellent opportunity to achieve great success together, and we cannot wait to start delivering an industry-leading experience to the PointsBet customer”.