PointsBet launches AU$303m fundraising drive

Online gambling operator PointsBet has set out details of a new capital raising, through which it hopes to generate AU$303m (£166.5m/€187.6m/US222.5m) in additional funds.

Announced last week, the new raising will be split into two parts – an entitlement offer and placement – with both set to take place within the next week.

The placement will open later today (2 September) and run to 4 September, with PointsBet seeking to raise some $150m in funds.

The fully underwritten entitlement offer will see PointsBet attempt to raise some $153.2m, making shares available at a price of $6.50 per share.

PointsBet managing director Sam Swanell said that the raising will position the business for the future, with the operator intending to use proceeds to support a number of projects.

It will be used to fund marketing in key target states across the US and its ongoing business development in the country, as well as supporting investment in technology and platform development. 

Confirmation of the capital raising comes after PointsBet last week also revealed details of its new partnership with NBC Sports.

The five-year deal will see PointsBet commit to spending US$393m om marketing, with the operator to be incorporated in multi-platform gameday integrations across the eight NBC Sports Regional Networks.

NBCUniversal, the parent broadcaster of NBC Sports, will also be issued with new fully paid ordinary shares in PointsBet, representing a 4.9% ownership interest of the operator and 66.9m options maturing in five years.