Joseph Stauff, analyst at Susquehanna International Group, said the DraftKings bid 'underscores the cheap valuation implied by Fanatics' $150m bid and seems to suggest there's likely to be some bidding competition. The company previously forecast a loss of between $77 million and $82 million for the second half of the year. PointsBet is the seventh-largest sports betting operator in the U.S., but it's rapidly been shedding cash. 'We do not expect this to have any impact on the path to profitability,' he added.
Robins told CNBC that while the deal wouldn't be transformative for DraftKings, it would allow the company to grow market share. 'We believe DraftKings is uniquely positioned to submit this superior proposal due to our scale and corresponding ability to generate meaningful synergies from the acquisition.'ĭraftKings, which is publicly traded, has a market cap of about $10 billion. business,' said DraftKings CEO Jason Robins in a statement. 'While we continue to focus on operating more efficiently and driving substantial organic revenue growth in the United States, we will also look to prudently capitalize on compelling opportunities at attractive valuations, as is the case with PointsBet's U.S. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower
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