PointsBet (ASX:PBH) shares close in green on awarding gaming licence in US

Wagering services provider PointsBet Holdings Limited (ASX:PBH) shares shoot up by 4.93% today as the company announces that it has been granted a new licence in the US.

PBH’s share closed at AU$6.380 with a market capitalisation of AU$1.60 billion.

PointsBet Pennsylvania, LLC is a wholly-owned subsidiary of PointsBet Holdings Limited and has been awarded ‘sports wagering and interactive gaming operator licences by the Pennsylvania Gaming Control Board’.

The licences have been granted as PBH filed a joint application for licensure with Penn National Gaming Inc as part of the partnership agreement. After acquiring the licences, the company will offer online casino and sports betting products in Pennsylvania.

The licence can be interpreted as an achievement for PointsBet as Pennsylvania is amongst the top five sports betting states in the US.

PointsBet branding strategy in Pennsylvania

NBC Sports is an exclusive and official sports betting partner of PointsBet. The company will use NBC Sports’ digital assets and premium television for promoting themselves across Pennsylvania. PointsBet can participate in the events organised by NBC sports, such as regional broadcast home to the Flyers, 76ers and Phillies.

While commenting on the development, Johnny Aitken, CEO of PointsBet USA, said:

Bottom Line

With new licences and agreement with NCB Sports, PointsBet has entered Pennsylvania and will tell what sets PointsBet apart from competitive brands.