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Calculated bet on PointsBet’s future by crypto casino Stake.com

Lea Hogg June 3, 2024
Calculated bet on PointsBet’s future by crypto casino Stake.com

Ed Craven and Bijan Tehrani, (photo above), the Australian billionaire founders of the cryptocurrency casino platform Stake.com, have increased their stake in the sportsbook operator PointsBet. This strategic investment has elevated their shareholding to over 5 percent, equivalent to 16 million shares of the company. The rise from a previous 4.2 percent stake at the end of December signifies a substantial expansion of their interests in the traditional wagering sector.

The acquisition of shares was executed through Easygo Gaming, a Melbourne-based gaming software company also founded by Craven and Tehrani. Launched in 2016, Easygo Gaming has swiftly evolved into one of Australia’s leading companies, with its brands drawing over 200 million visits per month. Stake.com operates in the grey market, which, while not officially licensed and regulated to the extent of a white-market entity, is deemed safer than black-market alternatives.

Moving into traditional wagering

The motives behind the Stake.com founders’ augmented investment in PointsBet are not entirely transparent. While they have indicated an interest in capitalizing on more traditional forms of wagering, it remains ambiguous whether they aim to acquire PointsBet outright or if they will assume the role of activist investors. PointsBet has been a subject of consolidation rumors, particularly after selling its US operations to Fanatics for $225 million in cash last year—a move that was recognized as a loss despite a bidding war between DraftKings and Fanatics.

PointsBet continues to be profitable in its home market and has retained its Canadian operations, which are considered a valuable asset. The potential synergies between Stake.com, which includes a sportsbook among its offerings, and PointsBet suggest that Craven and Tehrani are knowledgeable of that business and there are potential synergies between their company and PointsBet.

The gaming sector is closely monitoring the developments between these two entities, as the outcome could have far-reaching implications for the industry. With the founders of Stake.com not explicitly stating their intentions, the speculation continues to mount regarding their ultimate goals for PointsBet and the broader gaming market.

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