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Pointsbet share price on watch after ANOTHER new partnership

man placing sports bet on mobile phone and laptop, sports betting, pointsbet share price
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The good news continues to roll in for Pointsbet Holdings Ltd (ASX: PBH). I think the Pointsbet share price is one to watch this morning after a third consecutive day of updates.

What did Pointsbet announce this morning?

Pointsbet has announced a new partnership with leading Denver, Colorado-based Kroenke Sports & Entertainment, LLC (KSE) this morning.

The new multi-year agreement will see Pointsbet become the official and exclusive gaming partner of the Denver Nuggets of the National Basketball Association.

Pointsbet will also become an exclusive parter of the National Hockey League’s Colorado Avalanche, National Lacrosse League’s Colorado Mammoth and their home arena, Pepsi Center.

The Pointsbet share price will be one to watch this morning as the company’s impressive growth continues.

What else has Pointsbet been doing?

Today’s announcement is the third straight day of new announcements for the Aussie wagering group.

The Pointsbet share price has climbed 3.7% higher since Monday after the strong news week.

Yesterday, Pointsbet secured an arrangement with Twin River Management Group, Inc. to provide online iGaming/online casino in New Jersey, USA.

That’s a potentially lucrative market given the strict gambling rules in the United States.

Wednesday saw another sports-related update from Pointsbet. The Aussie wagering group secured a multi-year agreement to become the Official Sports Gaming Partner of the Indiana Pacers in the NBA.

That’s good news for the Pointsbet share price, particularly with the NBA restarting in the Orlando, Florida bubble in recent weeks.

How is the Pointsbet share price performing?

The Pointsbet share price has been one of the top performers in 2020.

Shares in the wagering group are up 24.9% for the year, but that doesn’t tell the full story.

Pointsbet shares were smashed in the March bear market. Investors were spooked by sporting shutdowns across the world due to the coronavirus pandemic.

However, it’s been good news for shareholders ever since. In fact, the Pointsbet share price is up 456.4% from its 52-week low in March.

After today’s announcement, it could be headed even higher in early trade.

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Returns as of 6th October 2020

Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. 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.

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