Insights

Pointsbet (ASX:PBH) share price slips following denied betting licence

Pointsbet’s plan to break into Arizona’s online sports betting market have hit a wall.
The post Pointsbet (ASX:PBH) share price slips following denied betting licence appeared first on The Motley Fool Australia. –

The Pointsbet Holdings Ltd (ASX: PBH) share price is falling this morning after the company released unfortunate news of its planned debut in Arizona’s sports betting market.

The company’s previous plan to break into the state’s newly legalised sports betting market has hit some turbulance.

Right now, the Pointsbet share price is $10.13, 2.22% lower than its previous close.

Let’s take a closer look at the disappointing news out of the bookmaker today.

Trouble in Arizona

The Pointsbet share price is slipping after the company’s plans to break into Arizona’s sports betting market hit a wall.

Today, Pointsbet announced Cliff Castle Casino Hotel, a subordinate economic organisation of the Yavapai-Apache Nation, was denied a sports betting license from the Arizona Department of Gaming. The Yavapai-Apache Nation is made up of 5 tribal communities and is located in the state’s Verde Valley.

Pointsbet and Cliff Castle Casino Hotel has previously agreed to partner to open a sports betting business in Arizona. The Pointsbet share price gained 1.4% on the back of the plan, which was announced to the market last month.

According to Pointsbet, the department didn’t provide a reason as to why Cliff Castle Casino Hotel was refused a license.

Pointsbet didn’t state if the two bodies will continue working to secure a sports betting licence following the rejection.

Under the previously announced 10-year arrangement, Pointsbet was to pay the Yavapai-Apache Nation a market access fee and a portion of its gaming revenues from online sportsbook operations.

Pointsbet also planned to cover the licencing and regulatory costs of launching and operating its betting services.

Additionally, Pointsbet was to pay to create a Pointsbet branded retail sportsbook at the Cliff Castle Casino Hotel.

Online sports betting was legalised in Arizona earlier this year. According to Pointsbet, 10 online sports betting licences have been reserved for tribal communities in the state.

Pointsbet share price snapshot

The Pointsbet share price has been struggling lately.

It has slipped 11% since the start of 2021. It’s also currently 12% lower than it was this time last year.

The post Pointsbet (ASX:PBH) share price slips following denied betting licence appeared first on The Motley Fool Australia.

Should you invest $1,000 in Pointsbet right now?

Before you consider Pointsbet, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Pointsbet wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

The Pointsbet (ASX:PBH) share price rocketed 115% last time the company reported
3 rapidly growing ASX tech shares to buy

2 rapidly growing ASX shares rated as buys

Why Zip (ASX:Z1P) and these growth shares could be buys
PointsBet (ASX:PBH) share price falls despite US NFL news

Motley Fool contributor Brooke Cooper 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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!