PointsBet hires bankers to lead sale of U.S. business

Business News

PointsBet has appointed Moelis & Co as it attempts to accelerate the sale of its North American business as a long-flagged exit from its Australian bookmaking operations.

According to the Australian Financial Review, they recently hired New York based investment bank “Moelis & Company: to help facilitate the sale of PointsBet’s North American operations and company.

PointsBet posted $120 million in revenue for the second half of 2022 — a 28% increase year-over-year, chalked up primarily to reduced marketing costs that included renegotiating its marketing deal with NBCUniversal. It also saved money by withdrawing its application to operate in Massachusetts, which launched online sports betting in March.