Founders Increase Investment in PointsBet

stake founder

The founders of the cryptocurrency casino are expanding their investment in PointsBet (OTC: PBTHF).

Australian billionaire entrepreneurs Ed Craven and Bijan Tehrani, who co-founded, informed the Australia Securities Exchange (ASX) last Friday that they have increased their holdings in PointsBet to 16 million shares, surpassing 5% of the bookmaker’s outstanding shares. This marks an increase from their 4.2% stake at the end of December.

Craven and Tehrani have been acquiring their stake in PointsBet through Easygo Gaming, a Melbourne-based gaming software company. operates as a gray-market entity, indicating that while it lacks the official licensing and regulation of a white-market operator, it is considered safer for consumers than a black-market operator.

Uncertainty Over Potential Acquisition of PointsBet

By investing in PointsBet, Craven and Tehrani have shown an interest in capitalizing on traditional forms of wagering, which aligns with PointsBet’s operations. However, it remains unclear whether the duo intends to acquire PointsBet entirely.

Although DraftKings (NASDAQ: DKGN) and privately held Fanatics engaged in a minor bidding war for PointsBet US, that business was sold at a loss. Nevertheless, PointsBet remains profitable in its home market and retains its Canadian operations, which are also seen as valuable assets. It is still uncertain whether Craven and Tehrani aim to gain majority control of PointsBet or plan to act as activist investors.

Potential Synergies Between and PointsBet

Despite being primarily known as a cryptocurrency casino, also operates a sportsbook. This suggests that Craven and Tehrani are familiar with the sports betting industry, presenting potential synergies between and PointsBet.

While the founders of have not explicitly stated an intention to acquire PointsBet, their company has itself been the subject of takeover rumors. Nearly a year ago, there were reports that was considering acquiring Chicago-based Rush Street Interactive (NYSE: RSI), another gaming company often linked to takeover speculation, though no deal was finalized.

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