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Did the online sports betting site Betr really only realize half of its January profits from just 20 players? . Last 24 Hours Gambling911 Impressions: 73,393.
Betr Hostile Takeover of Pointsbet as Company Accused of Primarily Profiting Off of Just 20 Players
The accusation was made to the Australian Stock Exchange by the gambling company Pointsbet, which is resisting a hostile takeover bid by rival company Betr, per The Guardian.
Pointbet directors instead encouraged shareholders to accept an offer from competing bidder, the Japanese firm Mixi.
From The Guardian:
After assessing that information, Pointsbet told the ASX that Betr had a “less valuable and volatile VIP heavy customer base” and that shareholders would be exposed to Betr’s existing operations if the bid were accepted.
In April, Betr was reported as having about 340,000 customers. About 150,000 were considered active. Pointsbet alleges that more than 50% of Betr’s net win in January came from a tiny percentage of that customer base.
In its note to the ASX, Pointsbet told shareholders there were “meaningful risks associated with a VIP-heavy customer base” including greater “compliance and regulatory risks”.
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