PointsBet to raise $257m to fund US marketing spend and tech platform
Operator is offering shareholders the chance to swap out 6.5 shares for 1 at $8 each
PointsBet is seeking to raise $257m to fund customer acquisition in the US and develop its tech platform.
The ASX-listed company is offering up to 23.6 million new shares and 11.8 million options under an Entitlement Offer, which is expected to raise $112m.
A new Placement will offer up 18.2 million additional shares at $8 each, raising up to $145.2m.
Under the Entitlement Offer, current shareholders can subscribe for one new share for every 6.5 existing shares by tomorrow.
They will also be issued a new option at no further cost before September 30.
The firm will use the capital to support US marketing costs, as it recently committed to spending $393m as part of its five-year partnership with NBC Sports.
It was also continue to invest in developing its proprietary technology platform, which will soon support igaming as part of its product offering in New Jersey and Michigan.
The igaming arm is being built completely in-house as part of the betting tech stack.
Elsewhere, PointsBet will invest in further business development in emerging betting markets in the US.