PointsBet will return millions to its shareholders following the sale of its US business to Fanatics Betting and Gaming. This was confirmed during the company’s latest extraordinary general meeting.

PointsBet agreed to divest its US assets on June 30, selling its American operations of $225 million. The transaction is intended to take place over a multi-stage completion process and is still subject to regulatory approvals and customary conditions. If the deal is approved, PointsBet will receive $175 million at the initial completion and another $50 million at the subsequent completion. 

Following the sale of its US business, PointsBet plans to distribute the net proceeds to its shareholders, along with the majority of the company’s corporate cash reserves. PointsBet explained that the sale of its US assets would change its business, resulting in a surplus of reserves, thus enabling the move.

Following the sale of the US Business, the funding requirements of the Company’s remaining assets will be fundamentally different to the status quo.

PointsBet statement

According to PointsBet, the first capital return will see around $203.6 million (converted to USD from AUD) returned to the shareholders following the initial completion (expected to be completed by mid-September).

After that, a second capital return of between $80.8 million and $92.4 million will see money returned to the shareholders upon the subsequent completion (around March 2024).

The Deal Between Fanatics and PointsBet Was Mutually-Beneficial

In other news, PointsBet published its FY 2023 results, demonstrating a turnover of AUD 5.74 billion. The company attributed its stellar performance to the divestment of its US assets, which allowed it to focus on other lucrative initiatives.

Fanatics, on the other hand, will now be in the perfect position to challenge some of the mainstays of the US gambling market, including juggernauts such as FanDuel and DraftKings. Analysts believe that the acquisition will help Fanatics capitalize on the upcoming NFL season.

In the meantime, the transaction between PointsBet and Fanatics will also provide the latter company with a unique shot at New York’s gambling market. By acquiring PointsBet’s US business, Fanatics also hopes to secure an entry into one of the most promising US markets.

While regulators agreed that the company’s suitability to hold PointsBet’s NY license must be evaluated, the move is nevertheless a big opportunity for Fanatics to grow its US footprint.

The post PointsBet to Return Millions to Shareholders Following the Sale of Its US Arm appeared first on Keno Wizard.

PokerMatch International has released an official commentary on the sanctions against PokerMatch Ukraine. The company’s Ukrainian subsidiary was included in a list of companies that were sanctioned for alleged ties with Russia.

PokerMatch Ukraine was one of 287 companies and 120 individuals that were just sanctioned by the National Security and Defense Council of Ukraine. Despite regretting the decision, PokerMatch International said that it doesn’t expect the sanction to impact its global business.

We would like to inform our partners that these sanctions have no impact on the international operations of the PokerMatch brand. The company is not abandoning its plans to develop new regions and continues to provide its existing customers with a full range of services, including fulfilling all its commitments.

PokerMatch International statement

PokerMatch Has Done a Lot to Develop Poker in Ukraine

PokerMatch said that it believes the inclusion of its partner in the sanctions list is a mistake since the PokerMatch brand was one of the first gambling companies to block the accounts of Russian players. In addition, the company said, it was also one of the first companies to block all assets of Russians across its platforms. Lastly, PokerMatch terminated its existing partnerships with Russian companies.

In addition to sanctioning Russia, PokerMatch also helped Ukraine by donating to the Ukrainian army and suffering families.

PokerMatch International continued by pointing out that it played a key role in the revival of sports poker in the Eastern European country. In addition, the poker brand helped Ukraine’s National sports poker team take part in the world sports poker championship in Dublin – an event from which it emerged victorious.

The global poker brand also pointed out that it has supported the opening of numerous clubs in Ukraine.

PokerMatch Hopes Ukraine Will Change Its Mind

PokerMatch International reasserted that it is “devoted” to Ukraine and its people and hopes that the National Security and Defense Council of Ukraine will rethink its stance.

We have no doubt that the honest name of the partner will be protected by all available legal means and the state will change its position in relation to the company, devoted to Ukraine.

PokerMatch International statement

Despite everything, PokerMatch congratulated Ukraine on protecting its people from Russian influence amid the ongoing war. The poker company admitted that this demanding undertaking isn’t mistakeproof. However, PokerMatch reasserted that it hopes Ukraine would be open to dialogue and fixing its alleged mistake.

The post PokerMatch Hopes Ukraine Will Lift the Sanctions against Its Local Arm appeared first on Keno Wizard.