PointsBet (ASX:PBH) expands in the US, goes live in Louisiana

September 23, 2022 10:44 AM AEST | By Sonal Goyal

PointsBet (ASX:PBH) expands in the US, goes live in Louisiana — Image source: © Ribasbox | Megapixl.com

PointsBet expands in the US

The launch in the Pelican state (another name for Louisiana) is the fourth state launch under the partnership with Penn National Gaming. The parties entered into a partnership in August 2019 and further extended the same on 26 March 2021.

This launch also represents the twelfth online sportsbook operations of the organisation in the United States, after the successful launch in Iowa, New Jersey, Indiana, Colorado, Illinois, West Virginia, Michigan, New York, Virginia, Kansas and Pennsylvania.

Management Commentary

Johnny Aitken, CEO, PointsBet US, commented on the development:

Share performance of PointsBet

Shares of PointsBet are heading south today. At 10:43 AM AEST, the shares were spotted trading 3.41% down at AU$1.98 apiece. It seems like that PointsBet shares are following its benchmark index. At 11:11 AM AEST, the benchmark index, ASX 200 Consumer discretionary was down 3.36% to 2,693.20.

Including today’s fall, the share price has reported a fall of 6.81% in the last five trading sessions. In last one month, the share price has fallen 38.35%, and in last six months, it recorded a fall of 48.71%. On a year-to-date basis, the share price has dropped 70.94%. The yearly fall is 79.60%.

About PointsBet

Corporate bookmaker, PointsBet operates in Australia, Canada, the United States and Ireland. The company has made a scalable cloud-based wagering platform. The company offers racing wagering products, innovative sports products, iGaming and advanced deposit wagering on racing through this platform.

In the financial year 2022 (FY22), the company reported net revenue of AU$296.5 million, up from AU$194.7 million in FY21. Gross profit during the year was AU$121.6 million. Total operating expenses reached AU$365.6 million. The negative balance of EBITDA was AU$243.6 million. Loss for the year surged by 62%

Recently, PointsBet was removed from the ASX 200 Index as a part of September quarterly review.

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