Lachlan Murdoch’s aspirations to add a sports betting pillar to News Corporation’s traditional media business in Australia have encountered a hitch | OPINION from EKnightOfficial
PointsBet is running the line that the News consortium approached its board with a non-binding unsolicited proposal that was rejected – mainly around price.
While PointsBet’s operations are only about three years old in Australia, the company has grown relatively quickly and is anticipating it will account for a 10 per cent market share in 2025 – twice where it currently stands.As to how the News Corp consortium’s offer sits in terms of value – this is more difficult to assess.
Last year the listed PointsBet, which also houses a US division, raised $400 million of which most is said to still be sitting on its books. On the one hand, this cash would bolster the group’s market capitalisation, currently sitting at $604 million.
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