In the feverish pandemic days of 2021, shares in PointsBet traded at more than $15 on the ASX.
The expectations of the Australian company, which was building a foothold in the American market, were sky high, as a largely locked-down society turned to online wagering en masse and the US betting revolution promised, initially, to be a field of gold,
Within two years, PointsBet had opted out of the American market altogether, accepting a US$225 million to offload its US business to Fanatics.
It had simply become too hard to compete in a $5 billion fight dominated by the duopoly of DraftKings and FanDuel and to preserve the business, PointsBet beat a hasty trail backwards to concentrate on its Australian and Canadian businesses in mid-2022.
PointsBet’s share price spent much of last winter at less than 50 cents. On Tuesday morning, it was at 83 cents.
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