Could PointsBet Go the Way of Fubo Gambling (or the Dodo Bird)?
Following some initial power moves such as being among the first to set up shop in Colorado, PointsBet seems to be getting lost in the mix as sports betting rivals flood the airwaves with advertisements. Some industry pundits are now questioning their future. Gambling911.com also takes a look at this week's positive news in the world of poker (after weeks of absurdity surrounding vibrators and bizarre behaviour on the Twitch platform) with the kickoff of Ivonne Montealegre's beloved Malta Poker Festival.
Will PointsBet Go the Way of Fubo Gambling?
Posting on LinkedIn this week, our friend Ryan Knupp of Knupp Solutions asks "What’s the future look like for PointsBet? Are they a target for acquisition?"
More importantly perhaps, "Are they in danger of folding like Fubo Gaming?"
Last week, Gambling911.com reported on Fubo's shutdown, one of the first big companies to do so since the launch of legalized sports betting in the U.S. outside of Nevada in May of 2018. It was at that time the Supreme Court abolished decades of prohibition.
The live-TV streaming company had registered staggering losses of approximately $100 million in Q3 of this year. Just a month earlier, a spokesperson for that company assured Gambling911.com of their commitment to remain in the U.S. regulated sports betting market.
“We continue to believe that an integrated wagering platform, offering both live video and a sportsbook, will result in the best viewing and gaming experience for customers, however, we will no longer pursue this opportunity on our own."
Todd Shriber of Casino.org declared PointsBet as potentially the "ideal sports betting takeover target".
Shriber notes: “PointsBet isn’t a stranger to consolidation rumors. Earlier this year, rumors swirled that Fanatics may have held talks with the Australian company regarding a marriage.”
PointsBet is not profitable in the U.S. market yet. No surprise there as none of their competitors are either, with the exception of FanDuel's first reported profit the last quarter. Not only does the competition consists of behomoths like FanDuel, DraftKings and other U.S. regulated companies, offshore sportsbooks and local bookies already have a decades leg up on the relative industry newbie.
Shriber writes that PointsBet's concerns go beyond the inability to turn a profit. He points (no pun intended) to a Stream story quoting a supposed employee of the company (referred by some publications as a "whistle blower) whereby "Mr X" says "they (Pointsbet) just don’t know what they’re doing. Nothing’s going to change if senior leadership stays the same, if the CEO of the US business stays the same."
To be clear, we here at Gambling911.com have seen no indication that PointsBet plans to exit the market or sell. In fact, Geoff Zochodne of Covers reports this week that PointsBet is "going after parlay-preferring, live bet-loving 'super users'" in an effort to "carve out paths to profitability for themselves".
In declaring its "we hardly got to know y'all" abrupt exit from the sports betting space, Fubo Gambling goes the way of the Tyrannosaurus Rex, dodo bird and (hopefully) Kanye West.
Malta Poker Festival €500,000 Guaranteed Grand Event Kicks Off
Our friend Ivonne Montealegre is in the midst of running one of Europe's top poker tournaments in beautiful Malta. It's the Malta Poker Festival with €550K guaranteed.
The event kicked off October 24 and runs through the 31st.
"Big week ahead. The sun is shinning and the casino is buzzing," the always positive Montealegre proclaimed.
From Angus Dunningham of PokerListings:
Thanks to her drive, attention to detail, an understanding of what can enhance poker’s bigger picture and a desire to make the poker experience much more than a chance to win money, the Malta Poker Festival is the success that it is.
As well as the megabucks Main Event, there’s a host of other stuff going on this week. Fans of mixed games, for instance, have the €230 buy-in HORSE Powered by Cardplayer Lifestyle tournament, hosted by Robbie Strazynski – this invitation of a poker personality to the MPF that is a typical nice touch from Ivonne Montealegre.
- Nagesh Rath, Gambling911.com
