Stake.com’s Strategic Investment in PointsBet Australia

13/12/2023 | Categories: News | Published by: BTCGOSU | Last updated: 05/01/2024

In a strategic move, the dynamic duo behind Stake.com, billionaire Ed Craven and business partner Bijan Tehrani, have made a discreet investment in the well-established Australian online bookmaker, PointsBet. This calculated move, detailed in the Australia Financial Review, marks their endeavor to carve a niche in the local wagering market.

Ownership Surge through EasyGo Gaming

Reports indicate that Craven and Tehrani have successfully acquired over 4% of PointsBet, a prominent ASX-listed operator, through their gambling and leisure venture, EasyGo Gaming. This ownership surge positions Stake.com founders to play a significant role in the Australian gambling landscape.

Transitioning to Traditional Gambling

The investment in PointsBet suggests a shift in focus for Stake.com, hinting at a keen interest in traditional forms of gambling. This move is seen as a strategic response, especially considering the legal constraints faced by Australians in accessing Stake.com’s current casino offerings. In response, Stake.com has expressed intentions to apply for a separate Australian wagering license.

Global Expansion Plans and Licensing Endeavors

Stake.com’s global aspirations are evident in their pursuit of licenses and market entries. In July, the company applied for a bookmaking license in Australia’s Northern Territory, indicating a clear intent for further expansion. While Stake.com’s main global operations are run from its Melbourne office, local wagering remains inaccessible for Australians.

The company is actively seeking a pending iGaming license application in the Canadian province of Ontario. Additionally, Stake.com is exploring potential acquisitions in the highly regulated US market, with industry speculations even hinting at a potential bid for Rush Street Interactive, a New York Stock Exchange-listed online gaming platform.

Navigating the Competitive Landscape

Australia’s wagering market is fiercely competitive, with established players such as Sportsbet, Pointsbet, Tabcorp, and Ladbrokes dominating the scene. Stake.com’s strategic moves underscore its commitment to securing a prominent position in this challenging environment.

As the stakes rise, Stake.com remains a dynamic player, adapting to regulatory landscapes, eyeing opportunities, and positioning itself for significant growth in the Australian and global gambling markets. Stay tuned for updates on their journey into new territories and potential industry-shaping acquisitions.