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Pointsbet Prances on Strategic Partner

The Pointsbet share price ended the day almost 19% higher today, after the company announced some well awaited news of a major strategic investment.

US-based company Susquehanna is one of the world’s largest proprietary financial trading firms, with additional business verticals encompassing derivatives market making, institutional brokerage, private equity, sports analytics and structured capital. A subsidiary of Susquehanna SIG Sports Investment Corp has invested $94.16 million into PointsBet via a placement of shares.

One of the most positive aspects of this investment is that the placement equated to a price of $2.43 for each Pointsbet share which represents a 15% premium to its five-day VWAP.

This purchase makes SIG the company’s largest shareholder with a 12.8% stake.

Further to this, PointsBet has signed an agreement with SIG’s Nellie Analytics business. The two companies will develop the terms for Nellie Analytics to provide sports analytics and quantitative modelling services to complement PointsBet’s existing capabilities and accelerate their uplift of the technology roadmap.

SIG co-founder and managing director Jeff Yass stated:

“After several years of thoroughly evaluating the North American sports betting market for the right partner, SIG Sports is pleased to have made what we consider to be a long-term investment in PointsBet.”

PointsBet Chairman Brett Paton as one would expect wholeheartedly agreed:

“We are delighted to pair up with a visionary investor which has committed ongoing support and is eminently qualified in analytical trading in financial markets, and now in sports.”

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