PointsBet (OTC:PBTHF) said today it’s nurture $294.17 jillion inwards working capital to fund enlargement inward the rapidly growing US market.

The Aboriginal Australian sportsbook manipulator is merchandising equity through and through a position of new shares and a rights issue. Goldman Sachs and MST Financial are managing the transaction. As is par for the course of instruction with great raises of this nature, the percentage sales agreement is occurring at prices below market value.

For example, the buck private position is priced at A$10, a to a greater extent than 11 percent price reduction to PointsBet’s Midweek closing price. The entitlement sleeve, which testament bring up $136 million, is priced at A$8. The private emplacement is geared toward institutional investors, while the entitlement transaction is for the operator’s smaller retail shareholders.

Share sales are typically dilutive to stream investors. But PointsBet is looking to ply some protection to devoted long-term investors. The accompany went public inwards Sydney inwards 2019, with the shares rising more than fivefold since then due, inwards large part, to the operator’s ability to set up a US footprint.

PointsBet Bold US Ambitions

Separate from the divvy up sale, PointsBet reported financial 2021 results today, and it’s soft to view why the manipulator is keen to spread out inwards the US. For the financial twelvemonth termination June 30, revenue jumped nearly 154 percent. But the operator’s US numbers were fifty-fifty more remarkable.

In the world’s fastest-growing sports betting market, PointsBet’s add together palm climbed 458.4 percent to $1.79 billion, patch receipts and meshwork win for each one increased 481 percent. PointsBet CEO Sam Swanell sees a liberal opportunity in the US, offering upwards a combined iGaming and sports wagering calculate for Frederick North America that’s easily inwards nimiety of some of the to a greater extent bullish estimates.

The North American sports betting and iGaming marketplace could be a $54 one million million revenue chance past 2033, and our strategy is to keep to clothe to turn a top quintuplet participant inward this market,” said Swanell.

Noting that the majuscule hike positions PointsBet to execute on that strategy, Swanell said the accompany is aiming for at to the lowest degree 10 percent marketplace divvy up inward the North American regions inwards which it’s operational.

Aiming for Big Growth

Currently, the Aussie company has licenses to tally online sportsbooks in six states — Colorado, Illinois, Indiana, Iowa, Michigan, and New Jersey — and internet casinos inward deuce states. New Jersey, the upper side iGaming market in the country, is unity of those two. For the to the highest degree recently completed fiscal year, New Jersey, Illinois, and Hawkeye State were the company’s biggest US markets, as ranked past revenue.

By the cease of 2022, PointsBet is aiming to be in operation(p) inwards at least 19 North American states and provinces. The company is preparation to live a player inward Canada, too, which lately approved single-game sports betting.