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Stake.com founders boost ownership in PointsBet
Ed Craven and Bijan Tehrani, the founders of Stake.com, have increased their ownership stake in PointsBet.
The Australian billionaires announced to the Australia Securities Exchange (ASX) last Friday that they had increased their PointsBet holdings to 16 million shares, or over 5% of the outstanding shares of the bookmaker. Compared to the end of December, that was 4.2%. The two founders have been building their PointsBet standing with the help of Easygo Gaming, a gaming software provider with its headquarters in Melbourne.
Stake.com is a grey-market operator. That title implies that, while not legally licensed and regulated to the same extent as a white-market equivalent, it is safer for customers than a black-market counterpart. Craven and Tehrani initiated the PointsBet stake to better profit on more traditional types of wagering, which the sports betting company clearly delivers. However, it is unclear whether the two intend to acquire PointsBet altogether.
Rumors of a consolidation involving the Australian bookmaker have been around for some time. Last year, it sold its US operations to Fanatics for $225 million. PointsBet foreshadowed the move by informing investors that it was failing to gain credible market share in the United States and that it may not have the financial means to compete in this market in the long run.
PointsBet did, however, continue to generate income in its native market and maintained its Canadian operations, which are also thought to be a potentially significant asset. It’s still unknown, though, if Craven and Tehrani intend to become activist investors or eventually take over the majority of PointsBet.
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