Recently recognised as the the US Sports Betting Operator of the Year, PointsBet (ASX: PBH) has taken their first bets in Colorado with the mountain state becoming their fifth online sportsbook operation in the US since regulatory changes have opened up legalised sports betting.
The Colorado milestone marks a significant moment in PointsBet’s short history having signed a multi-year partnership with Kroenke Sports & Entertainment (KSE), making PointsBet the official and exclusive partner of the Denver Nuggets of the NBA, Colorado Avalanches of the National Hockey League, Colorado Mammoths of the National Lacrosse League, and their home venue, The Ball Arena (formerly the Pepsi Centre).
“Launching in Colorado, the site of PointsBet’s US headquarters, is an extra special moment for the business,” said Pointsbet USA CEO, Johnny Aitken.
“This is our fifth state of operation in the US following our most recent launch in Illinois, and as always, we will be providing this passionate, sports-loving community with the fastest online sports betting product in the market and the most betting options for every NFL, NBA, MLB and NHL game.”
Launching in Colorado caps off a memorable year for PointsBet which in August inked a landmark deal to partner with national media network NBC to become the Official Sports Betting Partner of NBC Sports.
Through COVID-19, professional sports in the US have been a shining light for the nation as evidenced by record audience numbers as fans have been forced to watch from home.
Despite the 2-month hiatus of sports in the US while biosecurity protocols were put in place, PointsBet reported a 103% increase in betting turnover for FY20 across the Group’s Australian and US operations.
This was driven by a 32% increase in active Australian clients and 81% in the US for PointsBet to have more than 111.4 million punters placing their bets with PointsBet at a time when customer acquisition in the US is most valuable in the developing market.
Over the coming months, the Company has flagged launches in Michigan and New Jersey as well as significant product rollouts before the end of FY21.
Alfred Chan is an Analyst at Emerald Financial, specialising in ASX-listed small cap companies.
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