Wagering company PointsBet Holdings (ASX: PBH) has continued its national penetration of the American sports betting market having today announced they have secured approval to launch operations in the State of Indiana.
In the 17th largest State by population, regulatory approval from the Indiana Gaming Commission gives Pointsbet its third digital sportsbook operating in the United States, and first since the company partnered with the Penn National Gaming (NASDAQ: PENN) in August 2019 to accelerate expansion through the United States.
“The PointsBet team is excited to share that we are now officially live in Indiana – our third state of operation – where we look forward to providing the sports-loving community in the Hoosier State with the fastest, premium sports betting product they deserve,” said PointsBet US CEO, Johnny Aitken.
According to Pointsbet, the State of Indiana is forecast to be worth USD $317 in total sports wagering revenue in 2023, a State which offers a favourable tax rate and is limited to a small number of competitors.
Within professional sports, Indiana is home to the Indiana Pacers in the NBA and Indianapolis Colts in the NFL but also home to notable college sports programs in the Indiana Hoosiers, Notre Dame Fighting Irish and Purdue Boilermakers.
Since listing on the ASX following an oversubscribed IPO at an Offer Price of $2.00 per share in June 2019, PointsBet has enjoyed a remarkable 9 months with the share price reaching a high of $6.65 before being coming back to the $4 range along with the coronavirus market pull back.
In that time, PointsBet has delivered on his focus to expand their Australian bookmaker operations into the United States where they have now secured access to 12 individual States, and operating their own digital sportsbook in three.
Securing access to Indiana comes at a timely slot of the American sports calendar with the commencement of the NCAA March Madness basketball tournament where Indiana is expected to be represented by Notre Dame, Purdue, Butler, Indiana and Valparaiso.
In their half year results for the period ending 31 December 2019, Pointsbet reported year-on-year growth of 154% in turnover and 194% in registered clients to now have more than 185,000 on their books globally.
*Owners of this site are PBH shareholders
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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