PointsBet Holdings Limited has completed the acquisition of Banach Technologies Limite; the deal was announced on March 16 but has been completed this week.
The deal will help PointsBet grow in the sports wagering market in America and take advantage of the growth of in-play betting. It is believed that in the next three years, in-play wagering will represent 75% of all sports wagering in the US.
The acquisition will allow PointsBet to expand its offering to customers by utilising Banach’s technology, such as its risk management algorithms and deep trading experience.
PointsBet Group CEO and MD, Sam Swanell, said: “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”.
The founder & CEO of Banach Technology, Mark Hughes, is set to become PointBet’s new group chief operating officer to support the transition.
Hughes added: “The team at Banach is delighted to be joining PointsBet at this exciting time in their journey. The compatibility of our two businesses presents an excellent opportunity to achieve great success together, and we cannot wait to start delivering an industry-leading experience to the PointsBet customer”.
Under the agreement and for the company to meet the consideration, PointsBet Holdings has issued more than 1.7 million of its company shares under the company’s listing rule.