# PBH - Pointsbet Holdings



## System (30 May 2019)

PointsBet is a corporate bookmaker with operations in Australia and New Jersey (United States). PointsBet has developed a scalable cloud-based wagering Platform through which it offers its Clients innovative sports and racing wagering products.

PointsBet commenced developing its scalable cloud-based Platform in 2015 with a vision to disrupt the traditional fixed odds betting market in Australia by offering new and innovative ways to place bets on Australian and US sports. The Founders recognised that Australian wagering operators were offering similar products and marketing campaigns and that there was an opportunity to differentiate PointsBet's product offering via the introduction of an innovative betting product, PointsBetting. In addition, the Founders saw the potential for PointsBet to utilise its Platform and its innovative product offering to gain market access in high potential new markets, in particular the United States. 

It is anticipated that PBH will list on the ASX during June 2019.

https://pointsbet.com.au


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## peter2 (4 July 2019)

Into its fourth week since listing, this online gambling company is hoping to cash in on the US market as recent legislative changes relating to online gambling are more favourable to US citizens. BO-NH today.


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## jbocker (5 July 2019)

Investing in Gambling or Gambling in Investing. 
Is this the ultimate each way bet?


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## jbocker (9 July 2019)

Interesting to watch this as Australia heads into what I see as the betting season, we head towards the pointy end of the football seasons with all the side bets on medal winners becoming more of a focus and the (Melbourne cup) racing season awakening.
Betting has been given a huge boost in interest as betting has moved away from fixed odds and punters can drop out before the 'final' result is achieved. The huge advertising campaigns by most betting outlets has certainly boosted awareness.
Longer term depending on how they go in the American betting domain there is also a reasonable chance that a big overseas outfit will buy them out in time.

I wonder when the time comes that you can have a punt on two flies on the wall via a live feed.


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## jbocker (9 July 2019)

jbocker said:


> I wonder when the time comes that you can have a punt on two flies on the wall via a live feed.



Sorry couldn't help myself.


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## JTLP (12 July 2019)

Are we all sleeping on this when it’s done +50% in no time at all? Is the US opp that big?


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## jbocker (1 August 2019)

Two recent announcements showing some inroads Pointsbet are making in the US.
Today 1Aug
https://www.asx.com.au/asxpdf/20190801/pdf/4473nds1mf63sk.pdf
30July
https://www.asx.com.au/asxpdf/20190730/pdf/446zmrpjb8v01b.pdf
Good to see they are gaining access, but I have no idea what this could potentially mean to their bottom line.


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## jbocker (1 August 2019)

jbocker said:


> Good to see they are gaining access, but I have no idea what this could potentially mean to their bottom line.




Up 50c (17%) this morning. I like that.


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## jbocker (23 December 2019)

Bailed on this one in August (in some profit). Could have held on, Up 126% since coming on market in June!


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## MovingAverage (30 December 2019)

Been watching these guys and I'm feeling reasonably upbeat about their prospects. Continued investment in their technology offerings, continued Nth American expansion and more regulatory approvals coming on line.


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## bigdog (6 January 2020)

ASX Announcement this morning
6/01/2020 8:19:50 AM  *Online sports book and gaming market access in Michigan (file uploaded)
*
PBH revealed that it has entered into an exclusive 20-year agreement with Lac Vieux Desert Public Enterprise and Finance Commission (LVD).

The release explains that LVD is an arm and instrumentality of and organised under the laws of the Lac Vieux Desert Band of Lake Superior Chippewa Indians. This is a sovereign federally recognised Indian tribe.

SP was a high earlier of $5.20 and now $5.065





*





*
825


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## fergee (7 January 2020)

From rogermontgomery.com :

"How to value this?

Tabcorp, offering limited growth, trades at roughly 12x EV/EBITDA. Flutter (no doubt influenced by its exposure to the US gaming market) trades at 18x EV/EBITDA, and both companies offer some valuation benchmarks.

We also need to adjust for the cost to acquire a 5 per cent or 10 per cent share when calculating our EV and convert the valuation scenarios to $AUD.

Valuation of 5 per cent/10 per cent market share at 12x EBITDA in $AUD terms.






A structural growth opportunity

PointsBet Holdings today ($4.77 per share) has an enterprise value (EV) of A$629 million, highlighting considerable scope for upside should management execute on the opportunity, and if greater than 50 per cent of the US market eventually opens up to online sports betting.

In our view PointsBet Holdings is a challenger, it has a competitive product offering (technology) and marketing skills leveraging its experience in operating in the competitive Australian online sports betting market into the rapidly growing US online sports betting market that looks set for many years of structural growth.

It’s too early to tell what levels of success PointsBet Holdings may or may not enjoy. And if they don’t execute in the US market, there is considerable downside to the share price. However, as we can see from the table above, there is also scope and potential for the shares to double and more."


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## stocktakewithyush (10 July 2020)

Hi guys,
I've made my first video and its on Pointsbet (ASX: PBH). I've got other videos in the pipeline at the moment. Aim is to make sure you're well informed about the company and be in a position to make a more informed decision about the stock. 

If you have any suggestions please let me know, looking to create content weekly, hopefully it helps everyone

If you like the video, please like and subscribe


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## Miner (28 October 2021)

Last posting on this thread was July 20.
More than 1 year shows our posters are not interesting on real bets 
Today market announcement on the face of it looked good but market did not think so.
I am posting to learn from the punters, and philosophers what went wrong with PBH Price Slump  to $8.5 and still on that zone at 3.24 PM AEST (check - I have used four Ps) 
*COULD THE HUNTER GOT HUNTED TODAY *

some extracts



			https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02442692-3A579443?access_token=83ff96335c2d45a094df02a206a39ff4


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## peter2 (28 October 2021)

Just another unexplained selloff after news. *PBH* was looking similar to *CDA* as both charts indicated that price had bottomed and was ready to go up. The news precipitated significant selloffs. 

No published reasons for either sell offs so far.


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## KevinBB (28 October 2021)

PBH made it on to my watchlist mid September, just after a recommendation from a retail broker (not a bank broker). Funny enough, the stock had a small jump from its lows in the days prior to the recommendation. PBH has continued to climb since then, until today.

PBH remains on my watchlist, but not in my portfolio. It could be just another case of broker hype not living up to reality.

KH


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## Miner (28 October 2021)

peter2 said:


> Just another unexplained selloff after news. *PBH* was looking similar to *CDA* as both charts indicated that price had bottomed and was ready to go up. The news precipitated significant selloffs.
> 
> No published reasons for either sell offs so far.



Thanks @peter2 . There could be some inside story - we will probably know more tomorrow when press like AFR  publishes something . PBH closed at 8.68 today
On a separate context on my laptop such photos always appear when opening the ASF site. Is it driven by Google or advertisement by ASF sponsors.
@Joe Blow  -if these are ASF sponsors then please publish phone numbers next to the company representatives  though  
Sorry for the tongue and cheek - please do not expel me from the thread - advance apology


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## peter2 (28 October 2021)

This selloff is significant because the price now is below the average price settled in the huge Aug 2021 cap raise. This is not retail traders bailing. There's an insto or two selling out today.


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## MovingAverage (31 October 2021)

PBH had a massive sell off late last week. Complete overreaction off the back of their 4C. Top line numbers continue to show solid growth in the US and AU is very strong, but the Q did show some loss in market share in the US but think sell off was not reflective of this company's continued growth in top line numbers. My personal option is the current price represents a nice buying opportunity if you're looking for some speculative exposure.


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## MovingAverage (31 October 2021)

Miner said:


> Last posting on this thread was July 20.
> More than 1 year shows our posters are not interesting on real bets
> Today market announcement on the face of it looked good but market did not think so.
> I am posting to learn from the punters, and philosophers what went wrong with PBH Price Slump  to $8.5 and still on that zone at 3.24 PM AEST (check - I have used four Ps)
> ...



Nice post @Miner.

In their 4C last week top line numbers are without doubt spectacular. But the problem they had last week is that their US market share (and in the key market of NJ) actually contracted. The reason their top line number remain impressive is that their margins in the US have improved, which offset the negative impact of a contraction in their market share. The other issue is that their marketing expenditure (which are very significant) continue to increase but at the same time their market share contracted. That is why we saw the big sell off last week. Despite the fact that PBH has a lot of money in the bank and no debt their 4C last week is bringing into question whether PBH can compete with the big end of town in the US (Fan Duel, Draft Kings etc). PBH has world class leadership and continues to execute on it's strategy and so IMHO last weeks 4C is definitely not a long term indication that PBH is loosing ground in the US.

PBH is without doubt a growth stock and is subject to all the issues that go with that but current price is in my opinion a good opportunity if you're looking for a longer term speculative stock.

As always, the above is just my personal opinion and DYOR.


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## Miner (31 October 2021)

MovingAverage said:


> Nice post @Miner.
> 
> In their 4C last week top line numbers are without doubt spectacular. But the problem they had last week is that their US market share (and in the key market of NJ) actually contracted. The reason their top line number remain impressive is that their margins in the US have improved, which offset the negative impact of a contraction in their market share. The other issue is that their marketing expenditure (which are very significant) continue to increase but at the same time their market share contracted. That is why we saw the big sell off last week. Despite the fact that PBH has a lot of money in the bank and no debt their 4C last week is bringing into question whether PBH can compete with the big end of town in the US (Fan Duel, Draft Kings etc). PBH has world class leadership and continues to execute on it's strategy and so IMHO last weeks 4C is definitely not a long term indication that PBH is loosing ground in the US.
> 
> ...



G


MovingAverage said:


> Nice post @Miner.
> 
> In their 4C last week top line numbers are without doubt spectacular. But the problem they had last week is that their US market share (and in the key market of NJ) actually contracted. The reason their top line number remain impressive is that their margins in the US have improved, which offset the negative impact of a contraction in their market share. The other issue is that their marketing expenditure (which are very significant) continue to increase but at the same time their market share contracted. That is why we saw the big sell off last week. Despite the fact that PBH has a lot of money in the bank and no debt their 4C last week is bringing into question whether PBH can compete with the big end of town in the US (Fan Duel, Draft Kings etc). PBH has world class leadership and continues to execute on it's strategy and so IMHO last weeks 4C is definitely not a long term indication that PBH is loosing ground in the US.
> 
> ...



Good info.
Could sales on Flemmington cup will bring some smile to holders


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## BossMan. (29 December 2021)

Commenting for the 2022 Stock Picking Competition - 

I would like to start by saying, my TA skills are extremely novice, only started reading into it recently so I could have completely misinterpreted this graph, so please anyone reading take this with a grain of salt.

I am seeing a double bottom that has formed indicating to me that it has likely found its bottom unless some bad news gets dropped on to us.

I am a big believer in the development of fixed odds and what this will bring to bookies in the USA, specifically the connection that PBH already has with Betmakers, enabling them to integrate them to the New Jersey race tracks almost instantly, while I suspect that competing with DraftKings and others in the USA will be tough. I definitely believe that PBH will be able to hold a part of the market especially with the marketing they have already been doing across the U.S.

Only time will tell. A bit of a punt on this one. could **** the bed, but I do like the connections it has already with Betmakers.


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## bigdog (1 January 2022)

My tip for 2022

*PBH – POINTSBET HOLDINGS *

PointsBet is a sports betting operator and iGaming provider.

It offers innovative sports and racing betting products and services via a scalable cloud-based platform in the ANZ and US markets. While 2021 hasn’t been a good year for its shares, 2022 should be better.

The significant upside opportunity ahead in what will likely be a transformational CY22 year as it expands its North American footprint as well as ongoing M&A attractiveness to peers

Currently unprofitable and not forecast to become profitable over the next 3 years

Earnings are forecast to grow by an average of 19.5% per year for the next 3 years

Shareholders have been diluted in the past year

They have sufficient cash for at least 1 year of operations


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## MovingAverage (1 January 2022)

bigdog said:


> My tip for 2022
> 
> *PBH – POINTSBET HOLDINGS *
> 
> ...



Not forecast to become profitable over next 3 years and have 1 year of cash operations. You hoping for a takeover?


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## Dona Ferentes (20 June 2022)

MovingAverage said:


> Not forecast to become profitable over next 3 years and have 1 year of cash operations. ....hoping for a takeover?



or a deep-pocketed US options-trading billionaire buying in.

_• PointsBet has welcomed a significant equity investment from SIG Sports Investments Corp., a member of the Susquehanna International Group of Companies. SIG is one of the largest proprietary financial trading firms in the world. _
_• The placement of 38,750,000 shares at A$2.43 per share, raises A$94.16 million and represents a 15% premium to the 5-day VWAP to 17 June 2022. 
• SIG Sports will become PointsBet’s largest shareholder representing 12.8% of the Company’s issued capital following issuance. _
_• Further, PointsBet Europe Holdings Limited and Nellie Analytics Limited, a member of SIG, have entered into an agreement to scope and develop the terms for Nellie Analytics to provide sports analytics and quantitative modelling services to complement PointsBet’s existing capabilities and accelerate the technology roadmap._



> _Jeff Yass believes PointsBet can do for sports betting what SIG has done for options: *create deep and stable two-sided markets, *where PointsBet has the confidence to offer sharp pricing that encourages large gamblers to make big bets against the house._


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## MovingAverage (23 June 2022)

Dona Ferentes said:


> or a deep-pocketed US options-trading billionaire buying in.
> 
> _• PointsBet has welcomed a significant equity investment from SIG Sports Investments Corp., a member of the Susquehanna International Group of Companies. SIG is one of the largest proprietary financial trading firms in the world. _
> _• The placement of 38,750,000 shares at A$2.43 per share, raises A$94.16 million and represents a 15% premium to the 5-day VWAP to 17 June 2022.
> ...



More shares issued and more dilution for existing shareholders.


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## rcw1 (31 August 2022)

Good morning

PBH:  Corporate bookmaker Pointsbet posts a $267m loss in FY22, down 43 per cent on the $187m loss a year earlier due to higher investment, marketing and employee costs.

Revenue increased 52 per cent to $296.4m while sports betting turnover reached $5.00bn.

Pointsbet's gross win margin – the amount received from customers who placed losing bets less the dollar amount paid those who placed winning bets – increased 0.4 points to 13.3 per cent.

In Australia the company recorded net revenue of $195.2m, growth of 30 per cent, while in the United States net revenue reached $98.7m.

Pointsbet chairman Brett Paton says the company is well placed and tips North America "will deliver the vast majority of regulated global gaming growth over the next decade".

Pointsbet says while the Covid-19 pandemic has been financially positive for the entity, "it is not practicable to estimate the potential impact, positive or negative".

No dividends were declared.

SP opened down 4.9%

rcw1 is not holding at present.  
Have a very nice day, today.

Kind regards
rcw1


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## The Triangle (31 August 2022)

rcw1 said:


> Good morning
> 
> PBH:  Corporate bookmaker Pointsbet posts a $267m loss in FY22, down 43 per cent on the $187m loss a year earlier due to higher investment, marketing and employee costs.
> 
> ...





			https://www.news.com.au/national/politics/are-you-selling-mcdonalds-albaneses-pr-stunt-with-shaquille-oneal-questioned/news-story/701870fded88adeac2f6157f90307817
		


I personally don't understand how bookkeepers lose such massive amounts of money, how much their losses are impacted by spending millions on the likes of Shaq?  And - I'm sure using American celebrities to comment on Australian political issues (of which they don't know squat about) to _possibly _obtain favour with the government of the day is not a good idea either.    What next?  Matt Damon going to lecture Australians on aged care?

I bet from time to time - but I have a dozen betting accounts and use whoever gives me the best odds on a specific bet.  I have to admit I like Shaq but find Points bet to be the worst website of the lot (which advertise regularly) for betting on US sport (basketball/NFL)

$250 million in marketing is absolutely insane for a company which has $300 million in revenues.  Whatever they spend they seem to just increase the losses.  Although they have a half billion in the bank, I can't see anything turning around very quickly.    Blows my mind how anyone would invest in a company like this at this price (billion market cap).


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## MovingAverage (1 September 2022)

The Triangle said:


> https://www.news.com.au/national/politics/are-you-selling-mcdonalds-albaneses-pr-stunt-with-shaquille-oneal-questioned/news-story/701870fded88adeac2f6157f90307817
> 
> 
> 
> ...



And even worse this loss making company still managed to recent pay a couple of exec’s several million in bonus via the issue of several million shares. The company still hasn’t clearly articulated a clear plan for getting to making money. When will capital markets call BS on this company continually raising money to support even more marketing spend—they done how many cap raises now. Reality is even the big boys in the US struggle to make money so what hope has a minnow like PBH got to turning a profit. The half billion in the bank is only the result of successive cap raises


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## The Triangle (23 December 2022)

At $1.32/share if not at all time lows PBH is pretty near all time lows.   Quarterly results below.  They're still incinerating cash - but have $475 million in the bank.   The EV has to be in the negative territory as the market cap is now about $400 million and they have negligible debt.  At current rates by Q2, they'll be sitting on maybe $425 million?  That's my guess. 

There is a point at which they are a takeover target by another betting player who can cull a lot of the spending costs.   Surely the likes of Draftkings in the US is looking at this company...  But would the regulators allow it?    I could easily see this company as the target of a 'fake' takeover bid as well to allow private equity to get in and then out with a nice little boost.    Something has to occur in the next few months they can't just keep doing the same thing over and over.  The growth just doesn't seem to be big enough.


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## rcw1 (28 December 2022)

Good afternoon
Couple of announcements today (28/12/22).
Very interesting 🤔

The Australian Newspaper must have a reliable source within PBH because they were pretty much on the money about a buyer fir their Australian Operations.

Points bet has admitted today that it is in talks with NTD Pty Ltd, “regarding a potential transaction involving the sake of its Australian trading business … “

SP has gained 5.2% ($1.415) at present.  It  got to $1.49. 

Not holding.

Have a prosperous new year.

Edit: … or the info was purposely leaked to the media 

Kind regards
rcw1


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## BossMan. (3 January 2023)

I think it has finally bottomed out, and has a strong foothold in the USA to grow, while still in significant loss, I think they will see positive growth in the next 12 months as sportsbetting continue to grow.


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## MovingAverage (3 January 2023)

BossMan. said:


> I think it has finally bottomed out, and has a strong foothold in the USA to grow, while still in significant loss, I think they will see positive growth in the next 12 months as sportsbetting continue to grow.



Their OZ biz is certainly kicking goals.

The US biz is, however, a very different story. PBH has only approximately 3% market share and has been losing serious money to the tune of circa 50/60 mill per quarter for the past 2 years. The big guns in the US (e.g., DK, FD, BMGM etc) each have around 30/35% market share and even with that market share none of the big guns are profitable. PBH simply does not have the cash nor the resources to go toe-to-toe with the big guns let alone move from single digit market share to double digit market share--even if PBH could move to double digital market share they would still not be profitable. I'm afraid I see the US expansion as a massive liability for PBH and is certainly the reason their share price has been smashed the past 12 months. 

PBH is a massive dog IMHO


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