PointsBet share price surges on Indiana launch

The Pointsbet Holdings Ltd (ASX:PBH) share price is moving higher today after the bookmaker received authorisation and launched in Indiana.

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Pointsbet Holdings Ltd (ASX: PBH) share price is moving higher today after the bookmaker announced it has received authorisation and launched in Indiana.

After surging as much as 8.86% shortly after the announcement this morning, Pointsbet shares have pulled back since to be trading 0.25% higher at $3.96 at the time of writing.

With operations in Australia and the United States, PointsBet has developed a scalable cloud-based wagering platform through which it offers clients innovative sports and racing wagering products.

PointsBet has been pursuing an aggressive growth strategy in the US. The company is an early mover in US states where changes in legislation have meant restrictions against online gambling have been relaxed.

Details of the Indiana approval

Shortly after the market opened this morning, PointsBet announced it has launched operations in the State of Indiana after receiving Mobile Sports Wagering Launch Authorisation from the Indiana Gaming Commission. The approval was awarded to PointBet's wholly-owned subsidiary, PointsBet Indiana.

With this, the company now believes it will be in a good position to effectively compete and raise its market share in Indiana. The timing of the new launch complements the start of the NCAA March Madness basketball tournament, a period in which PointsBet noted is important for acquisition.

The Indiana market represents the company's third digital sportsbook operation in the United States. It is also the first under PointsBet's partnership with Penn National Gaming which was announced in August last year.

Indiana offers significant potential to grow market share

In today's release, PointsBet highlighted that Indiana is the 17th largest US State by population. Additionally, the estimated total sports wagering revenue projected to be generated in Indiana in 2023 is US$317 million.

On top of this, PointBet added that Indiana has an attractive effective tax rate and there are only a limited number of current competitors, positioning the company well to gain market share.

What's more, PointsBet will use the new launch to leverage the massive US television advertising market to increase its brand awareness.

Commenting on today's announcement, Johnny Aitken, PointsBet US CEO, said: "The PointsBet team is excited to share that we are now officially live in Indiana – our third state of operation – where we look forward to providing the sports-loving community in the Hoosier State with the fastest, premium sports betting product they deserve."

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 3 April 2025

Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

Focused man entrepreneur with glasses working, looking at laptop screen thinking about something intently while sitting in the office.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors had a rough end to a tough week this Friday.

Read more »

A man working in the stock exchange.
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

Ecstatic woman looking at her phone outside with her fist pumped.
Share Market News

Why Antipa, Imricor, Lynas, and Newmont shares are pushing higher today

These shares are ending the week on a high. But why?

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Flight Centre, Monash IVF, NextDC, and Woodside shares are sinking today

These shares are having a tough finish to the week. Let's see what is going on.

Read more »

A woman in a business suit holds a large gold bar in both hands with a gold arrow tracking upwards.
Gold

Gold price hits new all-time-high above US$3,200. Can it keep going?

Demand for precious metals could go higher from here.

Read more »

A businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Share Market News

Are you buying the dip? Here are the top 10 ASX shares Aussie investors are targeting

Data from trading platform Stake reveals the most popular ASX shares among investors buying the dip.

Read more »

seismograph with dollar sign
Share Market News

After hitting a five-year low, does the Australian dollar have further to fall as the trade war plays out?

The Australian dollar has been hit on multiple fronts. Where is it heading from here?

Read more »

Three miners stand together at a mine site studying documents with equipment in the background
Resources Shares

What does Macquarie think Fortescue shares are worth?

Is the iron ore giant about to turn a corner?

Read more »