Stake.com Founder ‘quietly’ acquires stake in PointsBet, according to Australian media
Melbourne-based operator PointsBet, divested its US business to Fanatics for $225m, pivoting to improve its share in the Australian and Canadian online markets.
Co-founder of Stake.com, Ed Craven, alongside his business partner Bijan Tehrani, has covertly secured a stake in PointsBet, according to the Australian Financial Review.
The undisclosed investment, conducted through EasyGo Gaming, amounts to approximately 4.2% of PointsBet’s shareholder register, as reported by the Review.
EasyGo Gaming, Craven and Tehrani have refrained from public comment on this development. However, Gambling Insider has reached out to both Stake.com and PointsBet for comment.
Stake.com, a global entity registered in Curaçao but managed from Melbourne, hasn’t been accessible to Australians due to its cryptocurrency-based betting, as opposed to the legal restrictions. Yet, in an interview last year, Tehrani expressed the separate pursuit of an Australian wagering licence.
The involvement with PointsBet coincides with the recent local company registrations and legal actions for trademark rights, part of a broader strategy to enter traditional gambling avenues in Australia.
This discreet investment by Craven and Tehrani follows their prior international expansions, such as Stake.com’s recent entry into the Colombian market through the acquisition of Betfair Colombia.
In August 2023, Fanatics launched the Fanatics Sportsbook app in several US states post its acquisition of PointsBet.
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