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

The PointsBet Holdings Ltd (ASX:PBH) share price will be on watch after releasing an update on its US operations…
The post PointsBet (ASX:PBH) share price on watch after US update appeared first on Motley Fool Australia. –

USA Investing

The PointsBet Holdings Ltd (ASX: PBH) share price will be on watch today following the release of an announcement ahead of its annual general meeting.

What did PointsBet announce?

This morning the sports betting company announced that it has launched in the State of Colorado and has taken its first bet. This represents the company’s fifth online sportsbook operation in the United States.

Prior to its launch in Colorado, PointsBet signed a multi-year partnership with Kroenke Sports & Entertainment. This has made the company the official and exclusive partner of the Denver Nuggets of the National Basketball Association, Colorado Avalanche of the National Hockey League, Colorado Mammoth of the National Lacrosse League, and their home venue, The Ball Arena.

In addition to this, PointsBet has signed an agreement with Learfield IMG College, the media rights holder of University of Colorado Athletics. The two parties have agreed a multi-year corporate sponsorship agreement that makes PointsBet an exclusive partner of the Colorado Buffaloes.

PointsBet USA CEO, Johnny Aitken, commented: “Launching in Colorado, the site of PointsBet’s US headquarters, is an extra special moment for the business. This is our fifth state of operation in the US following our most recent launch in Illinois, and as always, we will be providing this passionate, sports-loving community with the fastest online sports betting product in the market and the most betting options for every NFL, NBA, MLB and NHL game.”

“It is a great feeling to now be able to officially introduce Colorado sports bettors to the competitive advantages PointsBet possesses in owning our technology end-to-end, as well as light up our major investments in the state like our fully exclusive deal with the Kroenke Sports and Entertainment team across the Denver Nuggets, Colorado Avalanche and the Ball Arena in advance of the upcoming NBA and NHL seasons,” he added.

What now?

It won’t be long until the company launches its sixth operation in the United States.

Management advised that the next launch is planned for Michigan in third quarter of FY 2021. Michigan will also see the inaugural launch of PointsBet’s iGaming product.

The iGaming launch will see PointsBet offer a mix of classic games such as online poker and game show games in the state.

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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.

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

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