Australian sports betting operator PointsBet got off to a strong start as a publicly listed business, with its shares closing 12.7 per cent higher on their debut Monday.
The initial public offering was comprised of 37.5m shares at an offer price of AUD$2.00 per share, with the proceeds from the IPO to be used to finance expansion in evolving markets.
PointsBet has operated in Australia since 2017 and entered the US market this year, launching in New Jersey in partnership with New Meadownlands. It also holds an agreement with Catfish Bend Casino in Iowa to open the company's first physical sportsbook in the United States, and an agreement with New York's Tioga Downs Casino Resort to launch sports betting, subject to the passing of enabling legislation.
“Similar to the way we allow fans to take part in sporting events, our public offering allows fans to take part in us, as a company and as a platform,” said PointsBet global chief executive Sam Swanell.
“The global public offering comes at a time of rapid growth for the company and industry at-large and we are eager to utilise this momentum to continue to make sports betting an exciting and rewarding experience for all our customers.”
Shares in PointsBet Holdings Ltd. (ASX:PBH) gained 12.7 per cent on their debut Monday to close at AUD$2.58 per share, and were trading down 1.94 per cent at $2.53 per share in Sydney Tuesday.