Tech
Pointsbet (ASX:PBH) is an online sports betting company. Focused on the US market, Pointsbet has seen rapid success with new partnerships and the fast-paced legalisation of sports betting across the United States.
The company made its ASX debut on June 12, 2019 at an IPO price of $2. As of August 2019, Pointsbet had gained over 50 per cent on its share price. In the same month, they announced a bold plan to build their own casino in Colorado, with others to follow in five other US states.
Considered to be the third largest player in the US sports betting market, which is valued at over $100 billion, Pointsbet has license agreements with casinos and race tracks in several US states. These include New Jersey, Iowa, Colorado and Illinois.
A Pointsbet presentation puts the value of the US sports betting and gaming markets at between $US12 and $US20 billion, and the company’s net win in the September quarter was $35 million, up 178 per cent on the corresponding 2019 period. The company attributes its growing bank balance to product improvements and racing turnover growth outperforming its competitors.
During the initial suspension of professional sports leagues due to COVID-19, Pointsbet continued to offer horse racing odds. Since then, Pointsbet has seen their share price rise by 750 per cent.
RELATED STOCKHEAD STORIES
News
NBA champion Shaquille O’Neal joins PointsBet as Australian brand ambassador
Director Trades
Directors’ Trades: Lots of multi-million dollar trades, but this $15m plunge took the cake
News
Stockhead’s Grand Final Guide: Which ASX stocks are looking for a big kick this weekend?
News
The best performing Australian fund managers over the last 12 months
News
ASX Capital Raisings Recap: September’s $2.3bn takes 2020 to nearly $40b
Explainers
ASX stocks capital raising guide: Here’s everything you need to know
Director Trades
Director Trades: These directors are still buying their gold stocks despite the spot price fall
Experts
3 ASX tech stocks that still have more runs to make
News
Closing Bell: Today’s biggest small cap movers on the ASX
News
10 at 10: These ASX stocks are hitting a home run this morning
Tech
These are the gaming stocks punters are betting on
IPO Watch
ASX IPOs of 2019, where are they now?
News
US-focused small caps soldier on despite supply chain disruptions
News
PointsBet expects further windfalls as rugby and footy restart
News
Trading Places: Check out the latest stock WiseTech’s Michael Gregg has been buying
News
Kick Back: The 10 biggest stories you might have missed on Stockhead this week
News