Chiefs’ Late Rally Caps Excellent Week For PointsBet
The U.S. fortunes of PointsBet continue on the rise, highlighted by a recent spate of good news for the Australia-based bookmaker.
PointsBet, which has offices in Denver, Colorado, boasts a cutting-edge sports betting app (iOS and Android) which is both quick and easy to use, as bettors in New Jersey have discovered ever since the company went live in the Garden State in January of 2019.
Despite increasing competition from other operators, the app’s popularity has continued to grow and that’s largely thanks to its continually outstanding promotional offers, odds boosts and unique features such as PointsBetting, where the more your bet wins, the more you win. Read our full app guide here.
PointsBet enjoys good Super Bowl LIV result
For last week’s Super Bowl, PointsBet went out on a limb by offering over 700 betting options, no juice spreads and first touchdown early payouts. And the Kansas City Chiefs’ late rally in the fourth quarter to beat the San Francisco 49ers ensured that the company was rewarded with a good profit on the game.
“Overall a positive result on the game, as we won on the key markets of money line (late 49ers action swung that one) and total public spent two weeks pounding the over, and sharp under money didn’t get involved until gameday,” PointsBet spokesman Patrick Eichner said Monday.
“Similar story for the MVP, as we actually needed a quarterback to win – the short odds were prohibitive for most casual bettors, so (Patrick) Mahomes (who closed near even money) was ideal.”
Rapidly expanding its US footprint
PointsBet has also been live in Iowa since late August of last year through a multi-year partnership with the Catfish Bend Casino in Burlington, allowing it to operate both retail and mobile operations in the Hawkeye State.
The company is aiming to set up shop in Indiana in April of this year, having partnered with Penn National’s Hollywood Casino to act as a skin for that property’s sports betting operations, including the provision of a mobile sportsbook.
While other operators like DraftKings and FanDuel have already established a strong foothold in the Hawkeye State, this sports-loving part of the Midwest still represents a great opportunity for newcomers like PointsBet.
Since the introduction of mobile options in early October, Indiana’s sports betting handle has grown rapidly month-over-month, with $110.5 million in mobile bets placed in December alone. Read about that phenomenal growth at our other site gambleindiana.com.
The deal with Penn National has even bigger implications for PointsBet’s continuing US expansion as it will run the casino operator’s sportsbook in West Virginia, and eventually those in Louisiana, Missouri and Ohio too once sports betting is legalized in those states.
PointsBet also has deals in place to move into Colorado, Illinois and Michigan, where it has partnered with the Lac Vieux Desert Band of Lake Superior Chippewa Indians to launch its own-branded online/mobile product in the state.
Makes the move into Kansas
And following on from a profitable Super Bowl, PointsBet announced this week it has obtained market access for Kansas, through an agreement with Kansas Crossing Casino to provide both retail and online sports wagering.
While that won’t be happening anytime soon as sports betting has yet to be legalized in the Sunflower State, there is a favorable bill making its way through the legislature.
Senate Bill 283 would allow the state’s licensed casinos to open retail sportsbooks, in addition to partnering with up to two mobile betting skins. Retail sports betting revenue would be taxed at an operator-friendly rate of 7.5%, while a 10% tax rate would apply to online bets
“PointsBet is proud to partner with Kansas Crossing and gain the opportunity to provide the state with a top-notch retail and online sportsbook,“ commented Johnny Aitken, PointsBet USA’s Chief Executive Officer.
As a result of this latest deal, PointsBet now has access to 12 states in all with an estimated value of $5.2 billion.
Posts its maiden positive revenue quarter
The Aussie company last week filed its U.S. financial results for the last quarter of 2019, and they showed positive net revenue for the first time since the company’s launch.
Its Quarterly Cash Flow Report for the quarter ending Dec. 31 2019 showed a net win margin of 3% ($3.4 million), which was largely fueled by high-staking customers, with that segment reporting a net win margin of 16.2%.
The report also showed a significant jump in the company’s active U.S. customers, rising 17% on the previous quarter, with the vast majority of those coming from New Jersey.
PointsBet’s net win for the quarter would have been much higher but for considerable investment in promotions and bonuses, reflecting “an important customer acquisition and retention period“ according to a company spokesperson.
Claim up to $1,000 in risk-free bets with PointsBet
Still not registered with PointsBet? Sign up today for two risk-free bets up to $1,000:
- Get up to a $500 refund (in bonus bets) if your first fixed odds bet loses.
- Get up to a $500 refund (in bonus bets) if your first PointsBetting bet loses
If you’re located inside New Jersey and aged 21 or older, you can create an account from anywhere inside state lines, or download the app from here, while Iowa residents/visitors (21+) can download the app and then visit the Catfish Bend Casino to complete the registration process. Head on over to pointsbet.com to get started.
Hit us up up on Twitter @Gamble_usa for more news on legal gambling in the US.
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