PointsBet (ASX:PBH) share price lifts following Canada update

A group of men in the office celebrate after winning big.

The PointsBet Holdings Ltd (ASX: PBH) share price is up 4.45% to $10.09 per share in morning trade.

Shares in the corporate bookmaker are gaining even as the S&P/ASX 200 Index (ASX: XJO) is again struggling. The ASX 200 is currently up 0.12% after earlier trading in the red.

Below we take a look at the latest news for the company.

What’s going on in Canada?

The company reported that PointsBet Canada has entered into an agreement to become the exclusive sports betting partner of Curling Canada. PointsBet Canada is a 100% owned subsidiary of PointsBet Holdings. However, this is non-price sensitive news, unlikely to have a material impact on the PointsBet share price.

According to the release, more than 13 million viewers tune in to Curling Canada’s events every season. That ranks it among the highest-rated sports programming in the country.

What’s more, the agreement includes complete category exclusivity covering the company’s Sports Book and Online Casino for all Curling Canada event broadcasts.

Curling Canada’s CEO, Katherine Henderson, commented on the agreement:

With the passing of legalised sports betting by the federal government this past summer, we knew that there would be many opportunities available for our sport to be part of a new, legal and regulated way for fans to enjoy our events.

PointsBet’s track record speaks for itself, as the company has existing partnerships with a variety of highly regarded partners around the world…

PointsBet Canada’s CEO, Scott Vanderwel, added:

Our partnership with Curling Canada will not only support community-based sports but bring curling fans who, our research shows, are active bettors and over-index when compared to fans of other sports, an unprecedented sports betting experience.

PointsBet expects to launch operations in Ontario in the first quarter of 2022, pending regulatory approvals.

PointsBet share price snapshot

The PointsBet share price has struggled so far in 2021, down 13% year to date. That compares to a gain of 9% posted by the ASX 200.

However, PointsBet shares are up just over 2% over the past month.

The post PointsBet (ASX:PBH) share price lifts following Canada update appeared first on The Motley Fool Australia.

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More reading

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/30nixzh

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