Here's why the PointsBet share price is charging higher today

PointsBet shares are on the rise today

| More on:
rising leisure asx share price represented by three happy faces on slot machine

Image source: Getty Images

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

Key points

  • PointsBet shares are charging higher on Wednesday morning
  • This follows an update on its iGaming operations in the United States
  • PointsBet has announced the launch of its online casino product in Pennsylvania

The PointsBet Holdings Ltd (ASX: PBH) share price is on the move on Wednesday.

In morning trade, the sports betting and iGaming provider's shares are up 2.5% to $3.14.

Why is the PointsBet share price pushing higher?

Investors have been bidding the PointsBet share price higher today following an announcement relating to the company's iGaming operations.

PointsBet's iGaming business complements the company's core sports betting operation by offering gamblers a range of slot, video poker, and table games via an online casino.

According to today's announcement, PointsBet has successfully launched its online casino product in Pennsylvania following authorisation by the Pennsylvania Gaming Control Board (PGCB) for a soft launch in the state.

The company notes that the roll out of its online casino operations follows quickly on the heels of the launch of its mobile app and digital sports betting product in the state in February.

In accordance with PGCB requirements, PointsBet will operate in a soft launch environment for two days before launching its full online casino operations in the state.

This is the fifth state that PointsBet's proprietary iGaming platform will be active in. This follows previous launches in Michigan, New Jersey, West Virginia, and Ontario (Canada).

Management commentary

PointsBet's President of Product and Technology, Manjit Gombra Singh, was pleased with the news.

He commented: ""It is an exciting time for the online casino market, and we're proud to be able to tap into this momentum and introduce our proprietary product in Pennsylvania."

"We're quickly scaling our online casino business and looking forward to expanding and refining our suite of products throughout the year to deliver more options for our users in PointsBet online casinos," Mr Singh added.

Investors will no doubt be hoping the good news keeps rolling in to support the PointsBet share price, which is down 55% in 2022.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Technology Shares

Man with rocket wings which have flames coming out of them.
Technology Shares

Guess which ASX All Ords share is rocketing 16% on an asset sale

This share is catching the eye with a very big gain on Friday. But why is it rising?

Read more »

a man clasps his hand to his forehead as he looks down at his phone and grimaces with a pained expression on his face as he watches the Pilbara Minerals share price continue to fall
Technology Shares

Why are Megaport shares sinking 14% on Friday?

Why are investors hitting the sell button? Let's find out.

Read more »

A white and black robot in the form of a human being stands in front of a green graphic holding a laptop and discussing robotics and automation ASX shares
Technology Shares

Why today is a big day for this ASX 200 AI stock

This company stands to benefit from 'one of the most profound transformations in the history of technology'.

Read more »

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Technology Shares

Why are WiseTech Global shares crashing almost 20% today?

Recent controversy has led to delays to an important launch and hit its revenues.

Read more »

Woman with speaker
Technology Shares

After falling 62%, this leading ASX 200 share could be gearing up for growth!

This industry-leading company looks like a turnaround opportunity to me.

Read more »

A man has computer-generated images rushing through his head indicating an AI (Artificial Intelligence) concept of a communication network.
Technology Shares

ASX investors are obsessed with Nvidia shares! Here's why

The global chipmaker reported a 94% increase in annual revenue in the third quarter.

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer
Technology Shares

Own WiseTech shares? Here's what to watch at Friday's AGM

This could be one of the major events of the year.

Read more »

Woman and man calculating a dividend yield.
Technology Shares

This ASX tech stock is down 93% from its highs. Could Trump tariffs give it a boost?

The ASX tech stock could enjoy tailwinds from Trump’s threatened tariffs.

Read more »