Here’s why the PointsBet (ASX:PBH) share price is racing higher today

This sports betting company’s shares are rising today..

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The PointsBet Holdings Ltd (ASX: PBH) share price is racing higher on Friday morning.

At the time of writing, the sports betting company’s shares are up 4% to $11.58.

Why is the PointsBet share price racing higher?

The catalyst for the rise in the PointsBet share price on Friday has been the release of a positive announcement relating to its US operations.

According to the release, PointsBet has received regulatory approval from the West Virginia Lottery Commission and has now launched online sports betting operations in West Virginia.

The release explains that the launch in West Virginia marks the seventh operational state for PointsBet’s premium sports betting product. This follows successful launches in Colorado, Illinois, Indiana, Iowa, Michigan, and New Jersey. PointsBet also currently operates iGaming in New Jersey and Michigan.

In addition, PointsBet advised that it plans to launch its proprietary online casino product in West Virginia by the end of calendar year 2021. This is subject to necessary licensure.

“Another tremendous opportunity”

PointsBet USA’s CEO, Johnny Aitken, commented: “Launching in West Virginia represents further progress for PointsBet and presents another tremendous opportunity we are excited to attack. As always, PointsBet will provide this passionate, sports-loving community with a fast and reliable online sports betting product across every customer touchpoint.”

“We are thrilled to now introduce West Virginian sports bettors to the competitive advantages PointsBet possesses in owning our technology end-to-end, such as our speed and ease of use as well as a deep slate of betting options for every NFL, NBA, MLB, NHL, WNBA, and PGA TOUR contest.”

New appointment

The company has also announced the appointment of Aonghus Mulvihill as Vice President of Global Sportsbook Trading. Mulvihill will oversee PointsBet’s global team of sports analysts, devising and implementing the company’s trading risk management strategy and trading product development.

Mr Mulvihill joins PointsBet from Betfair International Sports (part of Flutter Group, the parent of FanDuel) where he was Commercial Director.

The PointsBet share price is up more than 100% over the last 12 months.

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Motley Fool contributor 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 and has recommended 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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