This comes as the business has failed to increase its market share in the United States.
The company, which is reportedly the seventh-largest sports betting operator in the country after DraftKings and FanDuel, has struggled to acquire market share in the US.
In a statement, PointsBet said: “We believe further industry consolidation is inevitable.”
In late 2022, there were discussions of selling PointsBet to the Australian betting giant Betr, but the deal was never finalised.
The company reported $120m in revenue for the second half of 2022, a 28% year-over-year growth that was primarily due to lower marketing expenses and the renegotiation of its marketing agreement with NBCUniversal.
By withdrawing its operations application in Massachusetts, which legalised online sports betting in March, it also saved money. Furthermore, the sportsbook is operational in 14 states.
Although PointsBet's operations in the United States have been poor, they haven't been ineffective. For the first six months of the fiscal year 2023, it reported a total sports betting handle of $1.1bn.
Over a year ago, there were reports that Fanatics had considered purchasing the business.
Recently, three operators—PointsBet, Fanatics and Hard Rock Digital—joined the Responsible Gambling Coalition which was formed last year.
Rachel Kasper, SVP of Legal and Compliance of PointsBet US, said: "Responsible gambling is a core priority for our business and requires meaningful collaboration with all stakeholders, inclusive of operators competing within the same markets, to promote this aspect of our industry and ensure safe practices are followed."
