Here’s why the PointsBet share price is charging higher today

PointsBet shares are on the rise today

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Key points

  • PointsBet shares are charging higher on Wednesday morning
  • This follows an update on its iGaming operations in the United States
  • PointsBet has announced the launch of its online casino product in Pennsylvania

The PointsBet Holdings Ltd (ASX: PBH) share price is on the move on Wednesday.

In morning trade, the sports betting and iGaming provider’s shares are up 2.5% to $3.14.

Why is the PointsBet share price pushing higher?

Investors have been bidding the PointsBet share price higher today following an announcement relating to the company’s iGaming operations.

PointsBet’s iGaming business complements the company’s core sports betting operation by offering gamblers a range of slot, video poker, and table games via an online casino.

According to today’s announcement, PointsBet has successfully launched its online casino product in Pennsylvania following authorisation by the Pennsylvania Gaming Control Board (PGCB) for a soft launch in the state.

The company notes that the roll out of its online casino operations follows quickly on the heels of the launch of its mobile app and digital sports betting product in the state in February.

In accordance with PGCB requirements, PointsBet will operate in a soft launch environment for two days before launching its full online casino operations in the state.

This is the fifth state that PointsBet’s proprietary iGaming platform will be active in. This follows previous launches in Michigan, New Jersey, West Virginia, and Ontario (Canada).

Management commentary

PointsBet’s President of Product and Technology, Manjit Gombra Singh, was pleased with the news.

He commented: “”It is an exciting time for the online casino market, and we’re proud to be able to tap into this momentum and introduce our proprietary product in Pennsylvania.”

“We’re quickly scaling our online casino business and looking forward to expanding and refining our suite of products throughout the year to deliver more options for our users in PointsBet online casinos,” Mr Singh added.

Investors will no doubt be hoping the good news keeps rolling in to support the PointsBet share price, which is down 55% in 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 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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