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PointsBet (ASX:PBH) - Canada CEO, Scott Vanderwel
Canada CEO, Scott Vanderwel
Source: PointsBet/LinkedIn
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  • PointsBet’s (PBH) New Jersey subsidiary gets green light to start iGaming operations in the US state
  • Following authorisation from the New Jersey Department of Gaming Enforcement, PointsBet has launched its proprietary iGaming platform
  • Today’s announcement follows the company’s launch of the platform in Michigan back in May
  • In other news, Scott Vanderwel has been appointed CEO for PointsBet Canada effective August 17
  • Shares are trading 2.23 per cent higher at $12.36 cents apiece at 1:1o pm AEST

PointsBet’s (PBH) New Jersey subsidiary has been given the green light to start iGaming operations in the US state.

Following authorisation from the New Jersey Department of Gaming Enforcement, PointsBet has launched its proprietary iGaming platform.

Today’s announcement follows the company’s launch of the platform in Michigan back in May.

Group CEO and Managing Director Sam Swanell said the continued growth advanced the company’s ability to acquire and retain premium clients and complimented its existing sports wagering products.

PBH said it has seen “exceptional” growth in iGaming revenues in the US since the repeal of the Professional and Amateur Sports Protection Act in May 2018.

For the June 2021 quarter, iGaming revenues reached close to US$900 million (A$1.2 billion) across New Jersey, Pennsylvania, Michigan and West Virginia. This is encouraging for PointsBet as it now has iGaming market access in all these states.

Additionally, PBH notes that if the June quarter revenues were annualised, it would equate to greater than US$3.5 billion ($4.7 billion) per annum.

Particularly in New Jersey, PBH explained that iGaming revenues had grown at a compound annual growth rate of 25 per cent between 2014 and 2018, further growing at 62 per cent in 2019 and 101 per cent in 2020.

Mr Swanell said the company was “thrilled” to expand into the US and bring its proprietary online casino product to the “robust” New Jersey market.

In other news, PBH announced Scott Vanderwel had been appointed as the first Chief Executive Officer for PointsBet Canada, effective August 17.

Scott previously served as Senior Vice President for Rogers Communications, where he oversaw corporate strategy, operational improvement and digital operations.

The appointment follows earlier senior hires for PointsBet’s Canadian
operation as the company pushes forward with launching its products and services in Canada.

Shares were trading 2.23 per cent higher at $12.36 cents apiece at 1:10 pm AEST.

PBH by the numbers
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