PointsBet Chairman Brett Paton has expressed his ‘delight’ after SIG Sports Investment became a strategic investor in the firm, pumping $65.8m into the sportsbook brand.
SIG Sports has become the largest shareholder in PointsBet following the investment, taking 12.8% of the company after the placement of 38.75 million shares at $1.69 each. The investment price represents a 15% premium to the five-day volume-weighted average price to June 17.
Paton said: “We are delighted to pair up with a visionary investor which has committed ongoing support and is eminently qualified in analytical trading in financial markets, and now in sports.
“The cultural alignment between both organizations is strong, and this investment will assist with expanding and growing our North American operations as we seek to lead in in-play betting and enhancing the overall customer experience.”
Following the investment, PointsBet confirmed that there will be no change to the makeup of the board of directors, and that it will notify all relevant regulators of the change in shareholder makeup as required.
Commenting on the investment, SIG Co-Founder and Managing Director, Jeff Yass, added: “After several years of thoroughly evaluating the North American sports betting market for the right partner, SIG Sports is pleased to have made what we consider to be a long-term investment in PointsBet.
“We have been following their journey for some time and have developed a very positive view of the overall business operations and the capability of the PointsBet leadership team.
“We believe PointsBet has great potential for future growth and success in the North American sports betting market and SIG has both the analytics and capital to help realize that potential.”