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June 14, 2022 Online, Land Based, Finance

PointsBet turns down Murdoch consortium’s $220m bid

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News Corp still intends to launch its online wagering business.

PointsBet has rejected a $220m offer for its Australian division, proposed by Matthew Tripp, who is Rupert Murdoch’s News Corporation’s digital wagering pioneer.

According to wagering industry sources, the offer was not presented to the company’s shareholders and was turned down by PointsBet’s board, headed up by former UBS banker Brett Paton.

Discussions regarding the proposal were confidential, but sources said the proposed non-binding indicative offer from News Corp Australia-led consortium was believed to be worth between $220m and $300m.

News Corp and Tripp entered into a formal partnership earlier in the year. Tripp established BetEasy in 2014 and later sold the company to The Stars Group, Canadian gambling company.

The proposed PointsBet offer would have broadened News Corp’s scope.

Murdoch’s media company is comprised of a variety of global newspapers and television networks, including the Fox News Channel in the United States.

The News Corp consortium also includes Tekkorp, a Las Vegas-based online gambling investment fund.

The company still plans to launch an online wagering business later in 2022 and has appointed former BetEasy leader Andrew Menz as the chief executive.

PointsBet currently operates in Colorado, Illinois, Indiana, Iowa, Michigan, New Jersey, New York, Virginia, and West Virginia, with online casinos in Michigan, New Jersey and West Virginia.

The Australian company has achieved several firsts since the first of the year, including opening three US iGaming operations, launching its tenth US sportsbook, and taking its first online sports bet in the state of Pennsylvania. Recently, PointsBet launched its iGaming platform in New Jersey and opened its West Virginia online sports betting operation.

Since the first of the year, the company has launched online sports betting in New York and Pennsylvania, and it was approved in Wyoming as an online sports wagering operator.

It is also an approved sportsbook operator of the NFL, an authorized sports betting operator of the NBA, and the official sports betting partner of NBC Sports.

PointsBet has not commented regarding News Corp’s offer.

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