- Legal States
Stoyan Todorov April 21, 2021 2 min read
PointsBet Finalizes Banach Acquisition, Focuses on In-Play
PointsBet has officially acquired Banach Technologies in a bid to boost its expertise in the in-play segment, which the company expects to dominate the US sports gambling market.
Banach to Reinforce PointsBet’s In-Play Operations
PointsBet has finalized the acquisition of Banach Technologies Limited on Tuesday. The company will now move forward with Banach’s strong technological offer that will allow it to continue building on the sportsbook’s legacy as a leading in-play sports sportsbook in the United States ahead of anticipated growth for the segment.
Banach’s acquisition should allow PointsBet to claw a bigger share of the in-play market, which the company expects to hit 75% of all sports gambling activity in the United States. To this end, Banach will bring advanced risk management algorithms and deep trading know-how to allow PointsBet to stay competitive and offer superior options to customers by optimizing margins.
PointsBet Group CEO and Managing Director Sam Swanell outlined the partnership as one full of potential, reassuring shareholders of the positive outlook for the company. “We are delighted to welcome Banach into the PointsBet family and look forward to working together to deliver our full potential for the benefit of PointsBet shareholders and all of our stakeholders,” Swanell added.
Banach Technology founder & CEO Mark Hughes will now join PointsBet Group as chief operating officer.
Hughes spoke of the compatibility between the businesses and how merging operations was the right step to move forward to success.
“We cannot wait to start delivering an industry-leading experience to the PointsBet customer,” Hughes noted. No significant arrangements in employment have been announced.
PointsBet seems to be retaining Banach’s entire talent and team to guarantee the smooth operation of the company as part of the Group moving forward.
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