PointsBet (ASX:PBH) share price on watch after New York update

PointsBet is entering New York…

| More on:
Two men excited to win online bet

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The PointsBet Holdings Ltd (ASX: PBH) share price will be on watch today.

This follows the release of a very positive announcement that could put a rocket under its shares.

Why could the PointsBet share price shoot higher?

This morning PointsBet released an announcement relating to a public meeting held on Monday by the New York State Gaming Commission (NYSGC).

This meeting was to decide which sports betting companies would be recommended for a licence to operate mobile sports wagering in New York when laws change.

According to the release, the NYSGC has recommended PointsBet as one of the nine companies to be awarded a Platform Provider licence to operate mobile sports wagering in the state. Other companies being recommended are FanDuel, BallyBet, BetMGM, DraftKings, Rush Street Interactive, Caesars, WynnBet, and Resorts World.

What’s next?

Official approval procedures are still to follow, with the recommended operators to undertake independent system testing ahead of official launch. This is expected in early 2022.

PointsBet’s US CEO, Johnny Aitken, was pleased with the news, noting that it is an “exciting moment” for the company.

He commented: “Having the potential to secure market access to New York state – expected to be one of the largest and most important markets in the United States – represents another major milestone for our company, our brand, and our technology.”

“We are thankful to the Gaming Commission for this recommendation and believe it speaks volumes to PointsBet’s reputation and ability to deliver an unrivaled, world-class experience. We eagerly await the official opportunity to leverage our exclusive sports betting partnership with NBC Sports and introduce the nation’s premier sports betting product to the countless passionate, sports-loving New Yorkers,” he added.

The PointsBet share price is down 28% in 2021, so this news will no doubt be welcomed by shareholders.

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.

More on Share Market News

A woman lies back and relaxes in her boat with a big smile on her face as it floats on the rising tide.
Share Market News

Why the Charter Hall Long WALE REIT share price isn’t rocking the boat

It's steady as she goes for this ASX real estate investment trust.

Read more »

A man and a woman sit in front of a laptop looking fascinated and captivated.
Share Market News

Here are the top 10 ASX 200 shares today

Tuesday was a particularly good day for these 10 ASX 200 shares.

Read more »

A male investor wearing a white shirt and blue suit jacket sits at his desk looking at his laptop with his hands to his chin.
Cryptocurrencies

Can the Bitcoin price reach US$30,000 again in 2022?

Rising interest rates have resulted in significantly less institutional investor interest in cryptos.

Read more »

An office worker and his desk covered in yellow post-it notes
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Tuesday

Once again, its ASX 200 lithium stocks that are dominating today;s volume charts.

Read more »

A woman shouts through a megaphone.
Share Market News

In this most volatile of years, the ASX 200 is within shouting distance of turning positive

ASX 200 continues its recovery, now within shouting distance of turning positive for 2022.

Read more »

A man in his 30s holds his computer underneath and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Financial Shares

Are AMP shareholders heading for a $1 billion pay day?

AMP shareholders could benefit from buybacks following the successful divestment of AMP’s Collimate Capital business.

Read more »

Smiling man with phone in wheelchair watching stocks and trends on computer
Share Market News

5 things to watch on the ASX 200 on Tuesday

Here's what to expect on the ASX 200 on Tuesday...

Read more »

Businessman cheering at desk with arms in the air
Share Market News

Here are the top 10 ASX 200 shares today

These ten ASX 200 shares outperformed all others on Monday.

Read more »