PBH -21.14%: the wagering company has agreed to sell its US operations for $US150m with plans to return the money to shareholders along with the bulk of the cash on the balance sheet. The deal ends PointsBet’s ~5-year push into the US which has been bleeding money in a fragmented and competitive market. The company will continue to run the Australian & Canadian segments which they expect to be EBITDA breakeven at the time the deal completes later in the year, however, they remain open to bids on what is left. They expect to return up to $1.10/sh in cash after the deal settles with Fanatics Better and Gaming.
MM is interested in PBH following today’s tumble
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