Why the PointsBet (ASX:PBH) share price is racing higher today

PointsBet shares are on form on Wednesday…

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The PointsBet Holdings Ltd (ASX: PBH) share price is heading in the right direction at last on Wednesday.

In morning trade, the sports betting company’s shares have bounced off their 52-week low and are up 4% to $7.80.

Why is the PointsBet share price rising today?

Investors have been bidding the PointsBet share price higher today after it announced a positive development in the key United States market.

According to the release, through an exclusive partnership agreement with Colonial Downs Group and subsequent joint application for licensure, PointsBet has been awarded a temporary supplier license by the Virginia Lottery to offer online sports wagering in Virginia.

PointsBet’s USA CEO, Johnny Aitken, commented: “Being awarded the opportunity to offer PointsBet’s market-leading speed and ease of use, unrivaled slate of betting options, and overall in-play excellence to the people of Old Dominion is a great achievement and responsibility.”

“Alongside Colonial Downs, PointsBet is proud to partner with the Lottery in Virginia for our first lottery-regulated market license award. We couldn’t be more thrilled to further expand our exclusive relationship with NBC Sports – a staple to sports lovers in Virginia – and ultimately provide the great people in the state with the sportsbook they’ve been waiting for,” he added.

What now?

As the official, exclusive sports betting partner of NBC Sports, PointsBet intends to utilise the media giant’s premium television and digital assets to promote the PointsBet brand in Virginia.

Management also highlights that NBC Sports provides PointsBet with year-round, multi-platform media and marketing opportunities across its unmatched portfolio of events. This includes exclusive multi platform gameday integrations across NBC Sports Washington (in Virginia), which is the regional broadcast home to the Washington Wizards and Washington Capitals.

Despite today’s gain, the PointsBet share price is down 32% in 2021.

Should you invest $1,000 in PointsBet right now?

Before you consider PointsBet, you'll want to hear this.

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The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

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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