Australia's PointsBet set for worst day in 3 years on U.S. arm sale

PointsBet Holdings

15/05/2023 07:04

(Updates share moves, milestones)
    ** Shares of PointsBet Holdings  PBH.AX  fall as much as
22.8% to A$1.425, set for their worst day since March 2020, if
losses hold
    ** The gambling firm says it entered into a binding
agreement with Fanatics Betting and Gaming for sale of its U.S.
business
    ** Co says agreement is for sale of its U.S. sports
wagering, advanced-deposit wagering and iGaming operations,
Banach technology, among others, for cash consideration of $150
mln
    ** PointsBet stock tops losses in the All Ordinaries Index
 .AORD 
    ** Stock hits its lowest level since May 1
    ** More than 8.6 mln shares change hands, vs 30-day average
volume of ~2.1 mln shares
    ** Stock up 24.24% YTD, as of last close

 (Reporting by Harish Sridharan and Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))