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PointsBet completes $43m Banach Technology acquisition

| By Robert Fletcher
PointsBet Holdings has completed its previously announced acquisition of sportsbook solutions provider Banach Technology.
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The operator last month agreed a deal through its Lockspell Limited Irish subsidiary to purchase Banach for US$43.0m (£30.1m/€35.8m) to purchase Banach on a cash and debt-free basis, with 55% of this being paid in cash and 45% in shares.

PointsBet said the deal strengthens its position in the in-play sports betting market in the US and also accelerates its technology roadmap, placing it in a position to take advantage of growth in sports betting activity in the US.

In addition, PointsBet said using Banach’s risk management algorithms and experience of trading will allow it to optimise achieved margin and offer greater value to its customers.

“We are delighted to welcome Banach into the PointsBet family and look forward to working together to deliver our full potential for the benefit of PointsBet shareholders and all of our stakeholders,” PointsBet group chief executive and managing director Sam Swanell said.

Read the full story on iGB North America.

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