Pointsbet (ASX:PBH) share price loses 6%. Here’s why

Pointsbet Holdings Ltd (ASX: PBH) shares fell sharply today following news a fellow Sydney bookie is making preparations for an initial public offering (IPO). By the market’s close, the Pointsbet share price had slumped 6.27% to $13.75.

Let’s take a closer look.

A new horse on the track?

The Pointsbet share price was on a losing streak today after The Australian Financial Review (AFR) reported Randwick Racecourse-based Bookmaker BlueBet is gearing up for an IPO in the first half of 2021. The company’s market capitalisation is expected to exceed $150 million. 

AFR further noted that BlueBet is estimated to have “…annual revenues in the hundreds of millions of dollars.”

With the support of brokers Ord Minnett and…