PointsBet Holdings Limited’s (ASX: PBH) wholly-owned subsidiary PointsBet New Jersey LLC has been authorised by the New Jersey Department of Gaming Enforcement (NJDGE) to commence iGaming operations and has launched its proprietary iGaming platform in that State.
The launch of iGaming operations in New Jersey follows PointsBet’s inaugural iGaming launch in Michigan in May 2021.
iGaming revenues in the United States have grown exceptionally since the repeal of Professional and Amateur Sports Protection Act in May 2018. Across New Jersey, Pennsylvania, Michigan, and West Virginia (all states in which PointsBet has iGaming market access), iGaming revenues reached nearly US$900 million in the June 2021 quarter which if annualised would equate to greater than US$3.5 billion per annum.
New Jersey iGaming revenues in particular have grown at a CAGR of 25% from 2014 to 2018, with revenues having subsequently grown at 62% and 101% in 2019 and 2020 respectively.
We are thrilled to be able to expand our iGaming presence in the United States and bring our proprietary online casino product to the robust New Jersey market,” commented PointsBet Group CEO and Managing Director Sam Swanell.
“The continued growth of our iGaming presence further advances our ability to acquire and retain premium clients, complementing our existing sports wagering products.”
PointsBet also announced has appointed Scott Vanderwel as Chief Executive Officer for PointsBet Canada, effective 1August17, 2021.
Mr Vanderwel previously served as Senior Vice President for Rogers Communications, where he oversaw corporate strategy, operational improvement, and digital operations. Prior to his time with Rogers, Vanderwel led the Canadian practice for Monitor Group, a global business strategy consultancy, later acquired by Deloitte.
His appointment follows earlier senior hires for PointsBet’s distinct Canadian operation – including adding Nic Sulsky as Chief Commercial Officer and Chantal Cipriano as Vice President, Legal, Compliance & People – and is further evidence of PointsBet’s commitment to launching its market-leading products and services in Canada.
“We’re thrilled that Scott has agreed to serve as the first CEO of PointsBet Canada and help us build a team and a business strategy that can serve the new Canadian market with the same sort of creativity and customer-focus that our clients in the U.S. and around the world have come to expect from PointsBet,” said Sam Swanell.
“PointsBet is committed to creating products that fit the consumer’s needs, satisfies the important and necessary requirements of regulators, and enables fans to engage with their favourite sports in new and exciting ways. Scott and the team we are building in Canada will help us do just that.”