Why is the PointsBet (ASX:PBH) share price winning today?

Betmakers share price profit results cheering sports fans looking at smart phone representing surging pointsbet share price

The PointsBet Holdings Ltd (ASX: PBH) share price pushed into positive territory on Tuesday. This comes after the company announced it has teamed up with the NHL Alumni Association (NHLAA).

At the time of writing, the sports betting company’s share price is swapping hands for $6.43, up 3.54%.

PointsBet Canada appointed sports betting partner

The PointsBet share price is on the move today following the company’s newest partnership.

According to this morning’s release, PointsBet advised that its subsidiary, PointsBet Canada has become the exclusive sports betting partner of the NHLAA in Canada and also an official partner of the association in the United States.

The multi-year deal enables PointsBet Canada with marketing and licensing rights to the NHLAA and NHL alumni across North America.

Established in 1999, the NHLAA is an organisation that helps the lives of all former NHL players and their families. This is done through providing financial assistance, mental and emotional wellness support, physical care, post-playing career transition, and family aid.

Today, the NHLAA has become the largest membership of retired professional hockey players in the world.

PointsBet Canada chief commercial officer, Nic Sulsky commented:

The NHL Alumni Association has always been at the top of our list as PointsBet entered Canada.

Saturday night hockey is an institution from coast-to-coast-to-coast. Being able to partner with the likes of Paul Coffey, Nicklas Lidstrom, Mike Vernon, and the countless other NHL Alumni that skated across our screens will allow us to deliver the authentically Canadian gaming experience that we want to bring sports fans.

In addition to the news, PointsBet also gave an update following authorisation from the New York State Gaming Commission (NYSGC).

The company noted that its subsidiary, PointsBet New York has commenced pre-registration of New York residents. It’s expected that sportsbook operations will be launched in New York by the end of January, following NYSGC’s final approvals.

About the PointsBet share price

The PointsBet share price has had a disappointing 12 months, registering losses of almost 50% for its shareholders. Notably, the company’s shares reached a 52-week low of $5.87 yesterday, after falling 18% in a month.

Based on the current share price, PointsBet has a market capitalisation of roughly $1.68 billion.

The post Why is the PointsBet (ASX:PBH) share price winning today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns 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.

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