Sixth operator to go live in the state
PointsBet now has an online sportsbook live in West Virginia after getting approval from the West Virginia Lottery Commission. The platform went live late last week, with the Australian-based operator tweeting out the news of the launch on August 12:
PointsBet got market access in West Virginia through a partnership it entered with Penn National Gaming back in July 2019. It is the sixth operator to launch an online sportsbook in the state. The other operators in the market are FanDuel, DraftKings, BetMGM, Caesars, and Betly.
PointsBet is also planning to launch an online casino in West Virginia before the end of the year. The operator will still need to get the relevant approval from state authorities before its iGaming offering can go live.
Catering to a passionate sports fan base
Speaking about the sportsbook launch in West Virginia, PointsBet USA chief executive Johnny Aitken said: “Launching in West Virginia represents further progress for PointsBet and presents another tremendous opportunity we are excited to attack.”
Aitken said the state is full of passionate sports fans, adding that PointsBet’s online sports betting offering covers all bases. He highlighted the ease of use and speed of the platform, as well as its range of betting markets for popular major sports.
As a result of its latest online sportsbook going live, PointsBet now has platforms up and running in seven states, including Michigan, Colorado, Illinois, Indiana, Iowa, and New Jersey. PointsBet also has online casinos operational in Michigan and New Jersey.
Focusing on US expansion
PointsBet has been seeing good growth levels in the US. In its final results for the 2020-2021 financial year ending June 30, revenue rose 153.9% year-on-year to AU$210.1m (US$154.1m). Of this total, AU$42.3m (US$31m) came from its US operations.
Its best-performing state was New Jersey, where revenue totaled AU$23.8m (US$17.46m), followed by AU$14.6m (US$10.7m) from its Illinois operations. The company still made an operating loss of AU$119.1m (US$87.36m) for the year, with marketing and advertising costs reaching AU$166.1m (US$121.83m).
best-performing state was New Jersey, where revenue totaled AU$23.8m (US$17.46m)
CEO Sam Swanell outlined how PointsBet consistently ranks fourth or fifth in terms of handle in each state where it operates. The goal is to continually invest to secure its position among the top five operators in the US market. PointsBet recently raised AU$400m (US$293.4m) to help with its expansion across the United States.
By December 2022, PointsBet aims to expand its US presence to 19 states. It also plans to be up and running in the soon-to-launch single-event sports betting market in Canada.
In addition to the seven states it currently has sportsbooks in, PointsBet also has market access in ten other states. Some of the markets it is targeting for sportsbook launches in the near future include Arizona, Ohio, Pennsylvania, and Tennessee.