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PointsBet is making it clear it plans to be a force in the US sports betting industry after announcing plans Monday to raise more than $80 million to fund expansion.
The company has a pipeline of states it can jump into through multiple market access deals. The biggest partner so far is Penn National, which is providing access to five states: Indiana, West Virginia, Louisiana, Missouri and Ohio.
Sports betting is not yet legal in the latter three states.
PointsBet also announced the first look into New Jersey’s October. Through the first 20 days of the month, PointsBet accounted for about $16.4 million in handle, $3.4 million of which specifically came from high-stakes bettors.
The company had 6.7% of the online market share during its fiscal first quarter from July 1 to Sept. 30.
PointsBet will use the net proceeds, or about $81 million, to expand its sports betting business in the US.
Areas that require more cash for growth:
PointsBet is using its strength as a publicly traded company to issue new shares in the company. Shares will be sold to institutional and retail investors at varying prices, with all offerings scheduled to close by Nov. 22.
The company also raised more than $50 million in June via an IPO in Australia.
Along with the states mentioned in the Penn National deal, PointsBet has three more partners offering expansion opportunities:
PointsBet offered a detailed look into its US sports betting business, so far, from July 1:
PointsBet’s trading risk management systems let the company take on high-staking clients with confidence the segment will be profitable in the medium-to-long term, it said.