PointsBet (ASX:PBH) expands US iGaming presence; Announces CEO for Canadian team

Summary

  • PointsBet has expanded its foothold in the US market with iGaming operations in New Jersey.
  • The US iGaming market is growing at an exceptional pace.
  • The Company has made key appointments to its Canadian management team.

One of the fastest growing corporate bookmakers, PointsBet has operations located across Australia and the United States.

Aiming to expand its presence in the US and around the world, the Company ensures to launch new operations or introduce enhancements in its existing conduct to cater to its clients with a new range of sports and racing wagering products. So, here we bring to you the details about the latest developments in the Company. 

PointsBet launches iGaming Operations in New Jersey

PointsBet Holdings Limited (ASX:PBH) has expanded its iGaming operations in the US with approval from the New Jersey Department of Gaming Enforcement (NJDGE). Its wholly owned subsidiary PointsBet New Jersey LLC has rolled out the proprietary iGaming platform in the state.

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Commenting on the launch of the proprietary online casino product to the robust New Jersey market, PointsBet Group CEO and Managing Director Sam Swanell said, “The continued growth of our iGaming presence further advances our ability to acquire and retain premium clients, complementing our existing sports wagering products.”

Revenues from the New Jersey iGaming market have grown at a compound annual growth rate (CAGR) of 25% from 2014 to 2018. Additionally, revenues have registered an increase of 62% and 101% in 2019 and 2020, respectively.

Also read: PointsBet makes further inroads in the US with iGaming launch in Michigan

PointsBet eyes stronger hold in Canadian market with key appointments

The Company has onboarded Scott Vanderwel as the Chief Executive Officer (CEO) for its Canadian operations. He will assume the responsibilities on 17 August 2021.

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Previously, he worked at Rogers Communications as Senior Vice President. At the firm, he was responsible for corporate strategy and operational improvement, as well as digital operations.

Also read: Why PointsBet’s US subsidiary extended deal with Penn National

Prior to this key appointment, there have been several other senior hires at PointsBet Canada. The Company appointed Nic Sulsky as Chief Commercial Officer and Chantal Cipriano as Vice President, Legal, Compliance & People.

These additions in the management team are aimed at executing a more robust business strategy driven by the Company’s objective to serve its consumers in the Canadian market with products and services of utmost quality. It aims to engage more people with their favourite sports in new and exciting ways.

Exceptional growth in the US iGaming revenues  

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Since the withdrawal of the Professional and Amateur Sports Protection Act in May 2018, there has been a massive hike in the iGaming revenues in the US.

In the June 2021 quarter, iGaming revenues from across the states, namely New Jersey, West Virginia, Michigan, and Pennsylvania (places where PointsBet has iGaming market access) amounted to around US$900 million.   

Also read: 10 hot consumer stocks under $1

Stock of PBH was trading at AU$12.38 on 23 July 2021 (AEST 1:46 PM), up more than 2% from its last closing price.

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