Jun 10, 2021 â 5.00am
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Itâs never made a profit. But PointsBetâs success selling itself to investors is about to unleash a massive payday for its founder and other insiders, right on the second anniversary of its listing.
PointsBet CEO Sam Swanell. Chris Hopkins
On June 12, the online sports betting business will release 22.2 million shares from escrow, worth $302 million to their owners based on the market price of $13.60 per share on Wednesday. The shares were in escrow for two years from its June 2019 float at just $2 per share.
Founder
Nick Fahey will soon boast an additional paper worth of $156.4 million, based on his ownership of 11.5 million shares in escrow.