PointsBet Shares Surge Despite Absence of Sports, VA Gov Wants Betting at NASCAR Tracks
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Shares are actually up 32 percent in recent days. This is despite the fact that there are few sports being played at this time, with a few rare exceptions (Belarus soccer anyone?).
While there may be less sporting markets to bet on, PointsBet have been busy receiving sports betting licenses and partnerships in the US.
On 6 March, it received a Mobile Sports Wagering Launch Authorisation from the Indiana Gaming Commission and has launched operations in the State of Indiana. Indiana is the 17th largest US state by population and presents an estimated US$317 million p.a sports wagering revenue in CY23. As the state is relatively new to legalised sports betting, there is a relatively limited number of competitors.
On 25 March, Pointsbet received an Internet Sports Betting Operator License and a Sports Betting Operator License by the Colorado Limited Gaming Control Commission. It intends on operating both online and retail sportsbooks and anticipates taking its first bet in the second half of the calendar year. Colorado’s market size is estimated to be US$296 million p.a. in FY23.
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- VA Governor Wants Betting at NASCAR Tracks
Virginia Governor Ralph Northam sent back a bill that would legalize sports betting in the Commonwealth.
He wants two-thirds of the state’s casino taxes to education construction projects.
The bill was returned to the General Assembly Saturday. Northam had until that day to act on the bill.
That's not all Northam wants changed. He also wants NASCAR tracks to be able to accept wagers.
While this technically puts sports betting in Virginia on a less certain standing than it was in front of the governor, the changes don’t appear to be that detrimental for its chances of passage. The changes are relatively minor, aside from more sports franchises that could offer wagering.
The bill laid out an opportunity for teams to get a sports betting license. That previously only included the NBA, NFL, NHL, MLB and Major League Soccer.
Now, tracks like Martinsville Speedway and Richmond Raceway could launch their own sports betting operations, including online.
- Gilbert Horowitz, Gambling911.com
