US Sports Betting Industry Expert
With the recent announcement that New York had legalized sports betting, a flood of operators began clamoring for private licenses. Industry giants such as FanDuel, DraftKings, Rush Street Interactive and Caesars Sportsbook were first out of the gates this January, however they’re far from the only ones hoping to grab a piece of the pie.
One such sportsbook is PointsBet which went live on Tuesday. Originally founded in Australia, the bookmaker launched in the US in 2019 and has quickly become one of the fastest growing online sportsbooks in the country.
Already active in New Jersey, Iowa, Colorado and several other states, PointsBet is offering users two risk free bets up to $2,000 as part of their New York product launch. What makes PointsBet unique is that they’re currently the only online American operator to offer PointsBetting.
Per their company website “PointsBetting is a high-risk, high-reward form of betting that, as the name suggests, is currently unique to PointsBet. While using our PointsBetting platform, clients are either rewarded or docked by how right or wrong their wager was. Unlike fixed odds, each point of difference from the spread or total becomes a multiplier of the original stake, allowing a bettor to win or lose more and more based upon the outcome of their wager. In other words -- every yard, every point, every run, every goal and every play matters!”
According to figures posted on Friday, New York sports books took in more than $600M worth of bets in the first two weeks of operations alone. Extrapolated over a month, and this figure is destined to climb north of $1.2B in wagers as more users sign up.
That figure would eclipse nearly every figure that New Jersey (previously the nation’s leading sports betting market) had ever posted. With sports betting accounting for over 40% of all online betting activities in the US, saying that New York is one of the most lucrative betting markets in the world is a massive understatement.
PointsBet hopes that by offering a service their larger competitors currently do not will help them establish a foothold in the flourishing marketplace. This, coupled with their strategic partnership with NBC Sports is part of a long term strategy from the company to carve out market share in North America. Afterall, a successful product launch in New York bodes well for PointsBet as they expand into additional states and countries internationally.
As with other operators, anyone who is at least 21 years of age, has a valid United States Social Security Number, and is physically within the state of New York can bet with PointsBet when they go live.
Written by Kyle Skinner, our Canada Sports Betting Industry Expert. You can learn more about our author's expertise here.
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