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PointsBet share price lower despite NBA deal

The PointsBet Holdings Ltd (ASX: PBH) share price has been edging lower in morning trade despite a positive development.

At the time of writing the top-tier global sportsbook operator’s shares are down 1% to $6.03.

What did PointsBet announce?

On Thursday PointsBet announced yet another positive development in the key United States market.

According to the release, PointsBet and the National Basketball Association (NBA) have signed a multi-year partnership which makes the sportsbook operator an Authorized Sports Betting Operator of the NBA. 

This partnership is PointsBet’s first with a professional sports league in the United States.

As part of the partnership, PointsBet will integrate the first-ever Win Probability Metric across certain NBA platforms. This includes on and NBA social media channels. 

Powered by PointsBet, the Win Probability Metric will provide fans with real-time insight toward projected outcomes, utilising the same analytics and statistics that fuel the PointsBet sportsbook.

In addition to this, the company will have access to official NBA betting data and league marks across PointsBet digital betting platforms.

The CEO of PointsBet USA, Johnny Aitken, appeared to be very pleased with the agreement.

He said: “As a tech company at heart, the PointsBet team is excited to work with a league as savvy and forward-thinking as the NBA. We’re certainly aligned in looking to present fans with the best experience possible, and we look forward to enhancing the sports betting aspect via the Win Probability Metric Powered by PointsBet.”

“We are thrilled to partner with PointsBet on its first U.S. sports league betting partnership, as they continue to grow their business throughout the U.S.,” said Scott Kaufman-Ross, Senior Vice President, Head of Fantasy & Gaming, NBA. “PointsBet has a unique offering in the marketplace and we are excited to find new ways to engage with fans together,” he concluded.

Despite today’s decline, the PointsBet share price is up an impressive 23% since the start of the year.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.