PointsBet (ASX:PBH) share price on watch after New York update

PointsBet is entering New York…
The post PointsBet (ASX:PBH) share price on watch after New York update appeared first on The Motley Fool Australia. –

The PointsBet Holdings Ltd (ASX: PBH) share price will be on watch today.

This follows the release of a very positive announcement that could put a rocket under its shares.

Why could the PointsBet share price shoot higher?

This morning PointsBet released an announcement relating to a public meeting held on Monday by the New York State Gaming Commission (NYSGC).

This meeting was to decide which sports betting companies would be recommended for a licence to operate mobile sports wagering in New York when laws change.

According to the release, the NYSGC has recommended PointsBet as one of the nine companies to be awarded a Platform Provider licence to operate mobile sports wagering in the state. Other companies being recommended are FanDuel, BallyBet, BetMGM, DraftKings, Rush Street Interactive, Caesars, WynnBet, and Resorts World.

What’s next?

Official approval procedures are still to follow, with the recommended operators to undertake independent system testing ahead of official launch. This is expected in early 2022.

PointsBet’s US CEO, Johnny Aitken, was pleased with the news, noting that it is an “exciting moment” for the company.

He commented: “Having the potential to secure market access to New York state – expected to be one of the largest and most important markets in the United States – represents another major milestone for our company, our brand, and our technology.”

“We are thankful to the Gaming Commission for this recommendation and believe it speaks volumes to PointsBet’s reputation and ability to deliver an unrivaled, world-class experience. We eagerly await the official opportunity to leverage our exclusive sports betting partnership with NBC Sports and introduce the nation’s premier sports betting product to the countless passionate, sports-loving New Yorkers,” he added.

The PointsBet share price is down 28% in 2021, so this news will no doubt be welcomed by shareholders.

The post PointsBet (ASX:PBH) share price on watch after New York update appeared first on The Motley Fool Australia.

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Motley Fool contributor 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 and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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