The PointsBet Holdings Ltd (ASX:PBH) share price is on the move on Monday after announcing its launch into another U.S. state…
The post PointsBet (ASX:PBH) share price higher on U.S. expansion news appeared first on Motley Fool Australia. –
The PointsBet Holdings Ltd (ASX: PBH) share price has been a positive performer on Monday morning.
At the time of writing the sports betting company’s shares are up 2.5% to $11.20.
This latest gain means that the PointsBet share price is up 145% since the start of the year.
Why is the PointsBet share price pushing higher today?
Investors have been buying PointsBet shares after it announced its launch into another state in the United States.
According to the release, PointsBet has launched in the State of Illinois and has taken its first bet.
This launch represents the company’s fourth online sportsbook operation in the United States. Though, it won’t be long until PointsBet is taking bets in a fifth and sixth state. The company has plans to launch in Colorado and Michigan in the near future.
The company’s USA CEO, Johnny Aitken, was very pleased with the launch.
He said: “The PointsBet team is excited to share that we are now officially live in Illinois, our fourth state of operation in the US. The passionate sports fans in the state can now experience our leading online sports betting product and see for themselves why we’ve long stated that the best product experience will win.”
“PointsBet possesses competitive advantages by owning our technology environment from end to end, such as unrivaled speed and ease of use on a personalized platform. We, together with our partner Hawthorne Race Course Inc, are excited to provide the Illinois consumer with exactly what they’ve been craving,” he added.
The company is aiming to leverage its NBCUniversal partnership in the state.
Mr Aitken said: “Representing the first state to launch following our transformational partnership with NBCUniversal, PointsBet will utilise NBC Sports’ premium television and digital assets to promote the PointsBet brand across the sixth largest US State by population.”
Though, the company isn’t the only one launching in Illinois. PointsBet is the fourth betting company in the state, so competition will be reasonably strong. However, the NBCUniversal agreement may just give it an edge.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.