In the shifting landscape of online betting, a pair of Australian visionaries are making strategic moves that could reshape the industry. Ed Craven and Bijan Tehrani, the trailblazing entrepreneurs at the helm of cryptocurrency casino giant Stake.com, have cast a line into the waters of traditional wagering by upping their shares in the sports betting titan PointsBet.
The duo, not content with the significant splash they’ve made in the online gaming ocean, have surged their ownership in PointsBet, now clutching 16 million shares. This not-so-subtle increase, from a previous holding of 4.2% at year’s end to a robust 5% and over, is a clarion call indicating their ambitions in the sportsbook realm.
This bold move is orchestrated through Easygo Gaming, a Melbourne-based software fortress they erected back in 2016. The firm skyrocketed to fame, now boasting an astonishing 200 million monthly visitors—a testament to the prowess and pull of the young founders’ enterprise.
Stake.com, marinating in the ‘gray-market’ sphere, treads a fine line—it doesn’t bask in the full-fledged regulation of a white-market entity but it radiates a level of consumer security that black-market alternatives can’t match.
While Craven and Tehrani tip-toe through the fields of investment, it remains a tale shrouded in mystery whether they aim to wrap their arms around PointsBet entirely. The murmurs of consolidation that swirl around the bookmaker have grown louder since its recent divestment from its US arm—a deal inked at $225 million in hard cash to Fanatics, albeit at a loss.
PointsBet, still profitable within its Australian bastion and holding firm to its Canadian ventures, presents a shimmering prize. Yet, the endgame of Craven and Tehrani’s market maneuvers is cloaked in the smoke of speculation—are they setting the stage for a takeover, or are they priming themselves for a role as activist shareholders?
Peering at the sandbox where Stake.com and PointsBet both play, the parallels are apparent. With a sportsbook already in Stake.com’s arsenal, the founders’ deep understanding of the betting landscape hints at a convergence of intent and opportunity between the two entities.
History echoes with whispers of the casino colossus’ previous dance with acquisition narratives of their own. Nearly a year since they allegedly eyed Rush Street Interactive as a possible addition to their empire, Craven and Tehrani continue to circle the waters of big-league wagering, their strategies watched with bated breath by spectators and competitors alike.
