Sports loving fans in New Orleans can now bet with one of the United States’ fastest growing online bookmarkers with Pointsbet (ASX: PBH) having gained authorisation to accept its first bet in the State of Louisiana.
The approval has been granted by the Louisiana Gaming Control Board, making Louisiana the 12th State that PointsBet has launched online sportsbetting operations, joining New Jersey, Iowa, Indiana, Illinois, Colorado, Michigan, West Virginia, Virginia, New York, Pennsylvania and Kansas.
“The PointsBet team is excited to share that we are now officially live in the Pelican state and that Louisiana is our twelfth state of online operations,” said PointsBet US CEO, Johnny Aitken.
“The sports community of Louisiana, one that our very own brand ambassador Drew Brees is very familiar with, is unmatched with their devotion and passion for their local teams, the New Orleans Saints of the NFL, New Orleans Pelicans of the NBA and nationally recognized college football programs.
“We look forward to delivering Louisiana sports fans, from Bourbon Street to the Bayou, our fast, premium sports betting products. And, with the NFL and CFB season in full swing, the timing is perfect to showcase our live betting capabilities.”
Having signed future Hall of Fame quarterback Drew Brees as a brand ambassador in July 2021, Brees will feature heavily in advertising as the most recognisable face in New Orleans.
Since a landmark US Supreme Court decision in 2018 which legalised sportsbetting in the United States, it has been the primary avenue of growth for PointsBet which has participated in the regulatory processes of each individual US State.
As more States approve operators, market estimates have the US sportsbetting industry forecast to be valued at USD $51 billion by 2033.
From their limited operations while still growing their customer database, PointsBet turned over $5 billion in wagers in FY22, a 32% increase on the previous year.
Marketing expenses of $236m were the biggest expense for the Company which contributed to their $243.6m EBITDA loss for the year. But with more than 500,000 active customer accounts that have been realised from this spend, PointsBet shapes as a potential acquisition target from larger global bookmakers that have opted not to participate in the State-by-State regulatory processes.
PointsBet currently trades on the ASX with a market cap around $625 million but as of 30 June 2022, the Company had $520m in cash and no debt.
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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