Business
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…
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