{"id":129758,"date":"2020-03-13T09:47:56","date_gmt":"2020-03-13T16:47:56","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=129758"},"modified":"2020-03-13T11:35:22","modified_gmt":"2020-03-13T18:35:22","slug":"pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll\/","title":{"rendered":"PointsBet Dips Below IPO Price as Sports Postponements Mount, Company Allays Liquidity Concerns"},"content":{"rendered":"

PointsBet Holding Ltd. (ASX:PBH), the Australian bookmaker with significant US exposure, saw its stock briefly slide below its initial public offering (IPO) price during Sydney trading Friday. That’s as investors grow increasingly concerned about the spate of athletic leagues and events that are being canceled, delayed, or suspended because of the coronavirus.<\/p>\n

\"\"
With sports cancellations mounting around the world, PointsBet stock was volatile on Friday. But the company has cash to weather the storm. (Image: Yahoo News)<\/figcaption><\/figure>\n

On Friday, the stock opened at AU$2.10 and immediately tumbled below AU$2, the June 2019 IPO price. It then rebounded to close at AU$2.40, down 7.34 percent on the day, according to Bloomberg data. That’s a wide intraday range for a low-priced stock such as PointsBet, and one that underscores that volatility that is wracking gaming equities<\/a> on the back of the COVID-19 pandemic.<\/p>\n

With global equities plunging this month, market participants are fretting about the ability of companies \u2013 regardless of industry \u2013 to access capital should a recession hit. On Friday, PointsBet overtly highlighted its strong cash position.<\/p>\n

As of 31 December 2019, PointsBet had AU$147.9 million of corporate cash on the balance sheet, the majority of which is held in USD,\u201d according to a statement. \u201cThe Company has no borrowings.\u201d<\/p><\/blockquote>\n

That’s an impressive cash position for a company with a market capitalization of AU$366.80 million.<\/strong><\/p>\n

Cancellations Crimp PointsBet Stock<\/h2>\n

PointsBet offers traditional fixed odds betting and has become popular with some gamblers for its \u201cPointsbetting\u201d platform, which tests bettors’ acumen against a published spread. For example, a gambler putting down $100 on a 10-point favorite that wins by 20 would net $1,000<\/a>, or $100 for each extra point by which the spread was covered. Conversely, the bettor would lose $900 if the favorite won the contest by just a single point.<\/p>\n

The allure of \u201cPointsbetting\u201d has taken a hit in the current environment for a simple reason: sportsbooks have almost nothing to take action on this weekend, and a small slate for the foreseeable future.<\/p>\n

\n

This week, the NBA \u2013 one of the most wagered-on sports in the US \u2013 suspended its season, with the NHL following suit. Various college conferences scrapped postseason basketball tournaments, with the NCAA saying March Madness on the <\/a>men\u2019s and women\u2019s sides<\/a> will be canceled because of the coronavirus. The NCAA Men’s Tournament is one of the most bet-on sporting events in the US.<\/p>\n<\/div>\n

The PGA canceled the Players Championship, and Augusta National Chairman Fred Ridley said earlier today the Masters \u2013 one of golf’s four major events \u2013 is being postponed<\/a>.<\/p>\n

Damage Done<\/h2>\n

There’s no refuting that the COVID-19 pandemic has punished PointsBet stock, sending it lower by 60.6 percent over the past month. But management claims it’s staying abreast of the virus situation.<\/p>\n

\u201cManagement continues to monitor communications from Australian racing bodies, global sporting leagues, and other relevant stakeholders in this regard,\u201d according to the statement.<\/strong><\/p>\n

In the U.S., PointsBet has operations in Iowa, New Jersey, and New York, and recently added Michigan. The company will add Colorado to its US roster when sports betting goes live there on May 1.<\/p>\n","protected":false},"excerpt":{"rendered":"

PointsBet Holding Ltd. (ASX:PBH), the Australian bookmaker with significant US exposure, saw its stock briefly slide below its initial public offering (IPO) price during Sydney trading Friday. That’s as investors grow increasingly concerned about the spate of athletic leagues and events that are being canceled, delayed, or suspended because of the coronavirus. On Friday, the […]<\/p>\n","protected":false},"author":46,"featured_media":129763,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1074],"tags":[],"acf":[],"yoast_head":"\nPointsBet Slid in Australia Trading as Sports Cancellations Take Toll<\/title>\n<meta name=\"description\" content=\"PointsBet stock slipped below its IPO price in Australia trading Friday before rebounding, as investors fret about the impact of cancled sports events.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PointsBet Slid in Australia Trading as Sports Cancellations Take Toll\" \/>\n<meta property=\"og:description\" content=\"PointsBet stock slipped below its IPO price in Australia trading Friday before rebounding, as investors fret about the impact of cancled sports events.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-13T16:47:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-13T18:35:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/book-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll\/\",\"url\":\"https:\/\/www.casino.org\/news\/pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll\/\",\"name\":\"PointsBet Slid in Australia Trading as Sports Cancellations Take Toll\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/book-1.jpg\",\"datePublished\":\"2020-03-13T16:47:56+00:00\",\"dateModified\":\"2020-03-13T18:35:22+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"PointsBet stock slipped below its IPO price in Australia trading Friday before rebounding, as investors fret about the impact of cancled sports events.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/pointsbet-slid-in-australia-trading-as-sports-cancellations-take-toll\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/book-1.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/03\/book-1.jpg\",\"width\":1440,\"height\":960,\"caption\":\"With sports cancellations mounting around the world, PointsBet stock was volatile on Friday, but the company has cash to weather the storm. 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