The Pointsbet Holdings Ltd (ASX: PBH) share pricing is rising higher after announcing progress in a US state.
Pointsbet is a corporate bookmaker in Australia and the US and offers innovative sports and racing wagering products.
US progress continues
Pointsbet has recently been focused on expanding its operations in the US.
The latest progress announced today is that Pointsbet has received regulatory approval from the West Virginia Lottery Commission. Pointbets’ West Virginia arm has now launched online sports betting in West Virginia.
Management said that West Virginia is the seventh US state that Pointsbet has been able to launch its ‘premium sports betting product’.
Pointsbet said that it also plans to launch its online casino product in West Virginia by the end of 2021, once licences have been approved.
The Pointsbet share price is up 2%, perhaps in response to this.
New management position
The company also announced that it has appointed Aonghus Mulvihill as Vice President of Global Sportsbook Trading. Mulvihill will oversee Pointbets’ global team of sports analysts, management of the Company’s trading risk management strategy and trading product development.
Pointsbet said that Mulvihill brings almost 15 years of experience into the role.
Final thoughts on Pointsbet share price
At the time of writing the Pointsbet share price is up over 2% today, and almost 14% over the last five days.
However when looking at the past month it is down almost 9%, if we look at the past six months it is down over 33%.
If I were a buyer of Pointsbet shares, today’s price might still represent good value considering the expansion it is achieving in the US and the share price decline over the last six months.
