The sports betting industry is in the midst of an unprecedented situation and PointsBet Sportsbook — an online bookmaker which was founded in Australia — is positioning itself to take advantage of the massive changes coming to the US market. First things first, nothing has been easy over the last few months. Like almost every aspect of our society, COVID-19 has taken its toll on the sports betting market.
With that said, the sports world is preparing for a return of all four major sports in the US and there should be a surge in sports betting as a result. In this regard, PointsBet is well-positioned to take advantage of the coming boom in various states, including New Jersey, Illinois, Michigan, and Colorado, among others.
PointsBet Has A Significant Foothold In New Jersey
New Jersey is one of the crown jewels of US sports betting. The state is currently one of the largest markets in the country and for good reason. Perhaps most notably, New Jersey sees significant action from New York bettors who need to cross state lines to place bets. As it stands, online sports betting in NY has yet to be approved in the Empire State, but for New Yorkers who live close enough to the New Jersey border, a quick drive or train ride into Jersey is all it takes to get in on the action.
Furthermore, the significant presence of professional sports teams in the area means that there is plenty of local action to entice Jersey bettors. There are nine professional teams from the four major US sports in the New York-New Jersey area, but don’t sleep on the impact of Philadelphia teams either. Southern New Jersey still accounts for a crucial part of the state’s overall handle.
So where does PointsBet fit into the equation in Jersey? The major players in the industry like DraftKings and FanDuel bring in a significant portion of the handle, but PointsBet is showing encouraging growth. The sportsbook hauled in 8.7% of the total handle in the state during FYQ4, according to the New Jersey Division of Gaming Enforcement. With the return of live sports, PointsBet is looking to increase its market share in New Jersey.
Location, Location Location – Illinois Ready
We already know PointsBet has a significant presence in New Jersey, but as sports betting legislation sweeps across the country, it’s important to gain similar traction in other important areas. Look no further than Illinois to see the success PointsBet is having in this regard.
Illinois recently suspended in-person registration for mobile sports betting in the state. This is bad news for bettors, but it puts PointsBet in the right place at the right time. PointsBet Illinois has a location at Hawthorne Race Course, which is located just eight miles outside of downtown Chicago. That means PointsBet is the closest option for bettors in the Chicago area, where 75% of the population of Illinois is located. With the state requiring in-person registration for the next 18 months, PointsBet can capitalize on its convenient location when it officially launches.
But Illinois is just one piece of the puzzle. The online bookmaker is planning launches in Colorado and Michigan, in addition to its major operations in Illinois. These are just a few of the states where PointsBet has big things planned. New York and Ohio are two states with colossal estimated market sizes, but there is no online sports betting in either state yet. However, when these two states finally get their acts together, PointsBet will be waiting.
PointsBet Partnership With The Detroit Tigers
We mentioned Michigan as a significant area for PointsBet and the company is already making strides in locking down the market. PointsBet recently became the first sportsbook to form a partnership with a professional sports team in Michigan and the first to do so with a team in Major League Baseball. These are no small feats and this multi-year partnership gives the company unprecedented access to the Detroit market. Expect major branding opportunities at Comerica Park and on the Detroit Tigers Radio Network.
These types of partnerships are key and the recent partnering with the Tigers shows that PointsBet has what it takes to pull off these major deals. Expect similar partnerships to follow in other states as PointsBet increases its scope and reach.
High Ceiling for Growth
The sports betting industry seems to change by the hour. States are continuing to adopt sports betting legislation in response to the coronavirus pandemic and the subsequent tax hits that states are taking. They need to find additional tax revenue somewhere and sports betting is a fool-proof way to accomplish that goal. In that sense, there are going to be more opportunities for companies like PointsBet to stake their claim on the market.
Additionally, the return of the four major professional sports means that a similar boom is coming in terms of the total betting handle. During the shutdown, table tennis was the most popular sport to bet on. If bettors are willing to bet on an obscure sport like that, it’s safe to say that they are chomping at the bit for sports like baseball, basketball, football, and hockey.
PointsBet may not be the biggest name in U.S. sports betting right now, but it’s a name everyone should keep an eye on in the coming years.
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