PointsBet, one of the leading online sports betting operators, successfully tested live in-game wagering during an NBC broadcast of the NFL Wildcard Playoff game. The game took place between the Las Vegas Raiders and Cincinnati Bengals. With this successful test, PointsBet became the first sports betting company in the country to offer punters live, in-play wagering opportunities with 0 suspensions across its most important markets.
PointsBet successfully broadcasted the game thanks to Banach Technology, which was developed a lot more quickly since PointsBet acquired the company. With Banach’s proprietary tech, players that took part in the live in-game wagering experienced one hundred percent uptime and no suspensions in Moneyline wagers and in-game spreads, which is the first time this had ever happened in the market.
PointsBet acquired Banach Technology for $43 million (£30.1 million) on cash & debt-free basis. This deal has gone a long way in strengthening PointsBet position in the in-play sports wagering market in the country, as well as accelerating its tech roadmap. This has placed the brand in a position to take advantage of the booming sports betting market in the US. Plus, PointsBet has been using Banach’s risk management algorithms and trading experience to optimize its margins while offering its customers an improved online gambling experience.
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PointsBet US performance strong
For an Australian-based company, PointsBet has done a great job of establishing its presence in the already competitive sports gambling market in the US. Last year, PointsBet recorded sports wagering and iGaming revenue of US $52.3 million (AD $69.5 million) in its 1st quarter of 2021-22, which ended in September 2021. This represented a massive 82% increase compared to the same period last year.
Total winnings from sports wagering equaled AD $67.3 million, an increase of up to 76% from the previous year. In Australia, PointsBet’s customer base grew to 222,662, which was a 79% rise while in the US, the number of active customers rose to 185,880- an increase of 367%. In the US, Illinois was its best-performing state with sports betting revenue of AD $131.8 million.
Its second most successful revenue-generating state was New Jersey with revenue of AD $102 million generated, followed by Colorado at AD $38 million and Michigan at AD $32 million. PointsBet debuted its services in Michigan at the beginning of 2021 after teaming up with the Lac Vieux Desert tribe. Today, PointsBet enjoys a vibrant presence in Michigan, having signed several sponsorship deals with the NHL’s Detroit Red Wings and NBA’s Detroit Pistons.
PointsBet is also expecting a strong start to its 2021-2022 fiscal year with its continued turnover and significant revenue growth. 2021 already saw PointsBet debut its first iGaming offerings in the US in New Jersey, as well as Michigan. It also debuted sports wagering in West Virginia and secured a market access deal in Texas thanks to its partnership with Major League Soccer team Austin FC.
PointsBet also the first to offer live same game parlay wager types
Recently, PointsBet celebrated yet another milestone when it became the first sportsbook to offer live, in-game, same game parlay wager options for both NBA and NFL contests. The live, in-fame, same-game parlay wager options will now be offered as part of its OddsFactory patented tech integration.
PointsBet customers can now instantly build their live same game parlay while also easily tracking odds, the performance of the players, as well as important team stats, all of which impact the success of one’s wager. In doing so, PointsBet has worked really hard to refine its technology to make sure that it is aligning its product with the type of sports betting experience that modern punters are looking for these days.
With this new development, PointsBet customers can now pick any live NFL or NBA event and parlay several outcomes in that particular game, as they are also watching the events live. Customers will also have easily boost their live game parlay odds with the daily Parlay Booster and live same game parlay wagers during timeouts and in plays. As the first sportsbook to offer this functionality, PointsBet has been able to easily stand out as the sports betting app of choice for many punters.
PointsBet is currently available to punters in various states including Colorado, Illinois, Virginia, Indiana, Iowa, New Jersey, Michigan, New York, and West Virginia, and online casinos in Michigan, New Jersey, and West Virginia. The brand is also the approved sports wagering partner of the NFL, the NBA, as well as the official sports wagering partner of NBC Sports.
PointsBet enters new US markets
Most recently, PointsBet became the 6th sports betting app to receive authorization to enter the US sports betting market. PointsBet processed its first bet in New York on January 25th after joining several other well-known competitors including Rush Street Caesars Sportsbook, FanDuel, DraftKings, as well as BetMGM.
PointsBet was one of the 9 brands that were recommended for licenses after the tender process was completed. It was also one of the first to secure approval from the NY State Gaming Commission, which oversees mobile sports betting in the state. New York debuted its legal mobile sports wagering market in the first week of January, which was a considerable milestone for the state and PointsBet.
Earlier this year, PointsBet was also awarded sports and gaming licenses in Pennsylvania thanks to its partnership with Penn National Gaming. With PA ranked among the top 5 sports wagering states in the country, PointsBet will now have access to this market and establish its presence in one of the most lucrative sports betting markets in the country.
This partnership with Penn National in Pennsylvania will especially be important in its expansion plans. PointsBet is currently in its 3rd year of being the official sports wagering partner of NBC sports. The 5-year partnership with NBC Philadelphia will play a very important role in customer attraction and acquisition, which will make it so much easier for PointsBet to build brand recognition with its customers.
