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Why the PointsBet (ASX:PBH) share price jumped to a record high today

man looking at mobile phone and cheering representing surging asx share price
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The PointsBet Holdings Ltd (ASX: PBH) share price is on form and has jumped to a record high on Monday.

At the time of writing, the sports betting company’s shares are up 2.5% to $16.40.

This means the PointsBet share price is now up 39% since the start of 2021.

Why is the PointsBet share price pushing higher?

Investors have been buying PointsBet shares following the release of a positive announcement this morning.

According to the release, the company has appointed professional basketball champion and three-time MVP, Shaquille O’Neal, as its Australian brand ambassador.

Under the agreement, O’Neal will headline the company’s new 2021 Australian brand campaign, which will roll out across television, digital, mobile, and social media.

The company’s Co-Founder and Chief Marketing Officer, Andrew Fahey, believes Shaquille O’Neal will be a big boost to its marketing. He also notes that the 15-time NBA All-Star will be receiving shares as part of his compensation.

Mr Fahey commented: “Shaq is an iconic figure in the worlds of sports and entertainment and was our clear number one pick to represent the PointsBet brand in Australia. U.S. sports, particularly professional basketball, continue to be the fastest-growing betting sport in Australia, and we are very excited to align with such a transcendent athlete.”

“Further, we are delighted that Mr. O’Neal has agreed to take part of his consideration in the form of equity in PointsBet, which underscores the alignment and trust across our teams and our shared belief in the opportunities ahead for PointsBet,” he added.

Mr O’Neal spoke very positively about the partnership.

The NBA legend commented: “The rise of responsible sports betting is really exciting, and I am so excited to join forces with PointsBet, the best-in-class partner in Australia when it comes to online sportsbooks.”

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James Mickleboro 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. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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