The ASX-listed giant is considering a bid for the Australian arm of Pointsbet, which could be part of long overdue consolidation in the online gambling sector.
Rhett Wyman/AFRA fight for the small online bookmaker. But Pointsbet’s Australian operations have caught interest from both News Corp-backed Betr and London-listed Entain, operator of the Ladbrokes and Neds betting brands.more than 90 per cent from its pandemic highs. Investors have turned off the loss-making online bookmaker which has operations in Australia, the US and Canada. In Australia, the company paid millions for former NBA champion Shaquille O’Neal to be its media spokesman.
“What we can confirm is there is a lot of third-party interest in our company, which demonstrates we have built a very valuable business,” he said.“When proposals for a buyout or takeover arise we consider each on their merit and their potential to maximise value for our shareholders. We believe further industry consolidation is inevitable and we’ll position PBH to take advantage of movement in the sector.” Tabcorp declined to comment.
That deal was renegotiated for an extra two years, lowering the amount of advertising Pointsbet had to buy with the company each year.The involvement of Tabcorp brings together the main players who took part in the failed bidding process for the WA TAB last year. Tabcorp, Entain and Betr all faced off for the WA wagering licence, before the state called off the process.
Local and foreign companies are also trying to take on the dominance of Sportsbet, owned by global giant Flutter, in the online bookmaker market.
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