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Why investors are betting on Pointsbet (ASX:PBH) shares today

The Pointsbet (ASX:PBH) share price is up around 2.5% after making an announcement about another win in the United States.
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
More analysis

The Pointsbet (ASX: PBH) share price is up around 2.5% after making an announcement about another win in the United States.

What is Pointsbet?

PointsBet Holdings Limited is a corporate bookmaker based out of Darwin with operations in both Australia and the U.S. PointsBet has developed a scalable cloud-based wagering platform through which it offers its clients innovative sports and race wagering products.

What happened to Pointsbet?

The gambling business announced that it has been issued a temporary operating permit by the Illinois Gaming Board.

This approval allows Pointsbet to commence retail and online sports betting operations in Illinois as long as partner Hawthorne Race Course receives a ‘Master Sports Wagering Licence’.

On 28 June 2019 the Governor of Illinois signed sports betting legislation into law. Since then Pointsbet and HRC have been working in tandem towards building a “world-class, multi-faceted sports entertainment venue” centrally located at the Hawthorne Race Course, together with several off track betting outlets throughout the Greater Chicago Area.

Summary

The company is setting the scene to achieve exciting growth in the US. The more places in the US that punters can bet, the more potential earnings it can generate. I’m not sure what the right price is for Pointsbet, but it seems to be making the right steps.

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At the time of publishing, Jaz does not have a financial or commercial interest in any of the companies mentioned.

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