Since accepting their first bet within just 50 seconds of their launch in Canada, sportsbetting company PointsBet (ASX: PBH) has set out to make a huge nationwide push across the country having partnered with Maple Leaf Sports & Entertainment in what has to be classified as a landmark deal.
Unlike other partnerships PointsBet has made in the United States where they link up with individual teams, Maple Leaf Sports & Entertainment (MLSE) is the owner of the Toronto Maple Leafs (NHL), Toronto Marlies (AHL), Toronto Raptors (NBA), Toronto Argonauts (CFL), and Toronto FC (MLS).
As the sportsbetting partner of MLSE and all of those professional sports teams, PointsBet branding will be seen across their broadcasts where the Maple Leafs, Raptors, and Toronto FC are regularly featured in prime time schedules.
“This is a historic deal for PointsBet Canada,” said Scott Vanderwel, Chief Executive Officer of PointsBet Canada.
“You rarely get the opportunity to partner with an organization that spans across all four professional leagues through the Toronto Maple Leafs and Toronto Raptors, Toronto FC and the Toronto Argonauts, and offers year round entertainment within the sports market in Canada. We are thrilled to be partnering with MLSE on this innovative and exciting relationship.”
Having made substantial inroads in the United States since listing on the ASX in 2019, PointsBet entered Canada on 4 April 2022, accepting their first bet within just 50 seconds of their launch as a licenced bookmark in a nation that recently passed legislation to enable legalised sportsbetting.
This represented entry into their first North American country beyond the United States while accessing a whole new addressable market in a nation with 38 million residents, of which anyone aged 19 or older can legally place bets.
PointsBet’s current Canadian operations are based in Ontario which is the home to Ottawa, Canada’s capital, with over 14.8 million people.
While Canada will be a good opportunity for PointsBet to service a sports-hungry market, the United States remains their biggest market for growth with individual States still in the process of passing legislation for legalised sportsbetting.
For the 12 months to 31 December 2021, PointsBet’s US business had 211,113 Cash Active Clients, a 210% increase compared to the previous year. At the same time, the Australian business had 232,875 active clients.
Through their partnership with NBC and the NBC Predictor app, they have also generated 610,000 customer leads in the US, most of which will be actively targeted to open a PointsBet account when legislation is passed in each customer’s respective State.
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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