The PointsBet Holdings Ltd (ASX: PBH) share price has been a strong performer on Friday morning.
At the time of writing, the sports betting company’s shares are up 4% to $5.09.
Why is the PointsBet share price pushing higher?
The PointsBet share price is rising today following the release of an update on its North American operations.
According to the release, the company’s wholly-owned PointsBet Canada business has officially been approved by the Alcohol and Gaming Commission of Ontario as a licensed sportsbook in Ontario. This license will become effective on 4 April 2022.
PointsBet notes that Ontario is Canada’s most populous province and its second largest geographically. It covers more than 1 million square kilometres and is home to Ottawa, Canada’s capital. Ottawa has a population of over 14.8 million people and a host of professional sports teams.
“A momentous step”
PointsBet Canada’s Chief Executive Officer, Scott Vanderwel, appeared delighted with the news.
He commented: “Since day one, we have remained genuine to our promise of building a Canadian sportsbook, with Canadian employees, for the Canadian market. Today’s approval of PointsBet Canada as a licensed sportsbook in Ontario effective April 4, 2022, is a momentous step in unveiling our authentically Canadian gaming experience to the province. In just 60 days, PointsBet Canada’s unmatched speed and ease of use, unrivalled in-game betting capabilities, and unique local partnerships will bring Ontario sports fans a new, responsible, and dynamic form of sports betting and entertainment.”
This sentiment was echoed by PointsBet Canada’s Vice-President, Legal, Compliance & People, Chantal Cipriano.
She said: “We are proud to be one of the first iGaming operators regulated by the Alcohol and Gaming Commission of Ontario. It demonstrates the confidence that regulators have in our ability to deliver an innovative, safe, and responsible experience to Ontario consumers. We look forward to applying our expertise from Australia and the United States to help build a trusted, competitive, regulated iGaming market in Ontario, establishing an important foundation for our nation.”
The post Here’s why the PointsBet (ASX:PBH) share price is charging higher today appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro 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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