The PointsBet Holdings Ltd (ASX: PBH) share price is shooting 4.4% higher today.
The surge comes after the company announced an update on its wholly-owned subsidiary, PointsBet Maryland.
At the time of writing, shares in the sports betting company are trading at $2.36. They notched an intraday high of $2.42 in earlier trade this morning.
PointsBet take first bet in Maryland
Investors are bidding up the PointsBet share price today after digesting the companyâs positive news.
In today’s release, PointsBet advised it has taken its first retail sportsbook bet in Maryland, United States.
The company said Maryland Governor Larry Hogan signed legislation to allow online and retail sports betting in the state in May 2021.
PointsBet quickly jumped on the opportunity, announcing the following month that it had secured online and retail market access in Maryland.
The company achieved this through partnering with the ‘Riverboat on the Potomac’, a licensed satellite simulcast facility for horseracing and minority-owned small business.
This move marks PointsBetâs 12th sportsbook operation in the United States. The company now operates in the states of New Jersey, Iowa, Indiana, Illinois, Colorado, Michigan, West Virginia, Virginia, New York, Pennsylvania and Kansas.
It expects to launch its online sportsbook operations in Maryland early in the third quarter of FY23.
PointsBet US CE) Johnny Aitken welcomed the news, saying:
We are thrilled to be live in Maryland ahead of the commencement of the NFL season.
The first bet was taken on the Buffalo Bills, and we look forward to showcasing our product to the passionate, sports-loving community of Maryland.
PointsBet share price snapshot
Despite roaring higher today, the PointsBet share price has tumbled by 75% over the last 12 months.
The companyâs shares touched a three-month low of $2.13 earlier this week.
Based on todayâs price, PointsBet commands a market capitalisation of approximately $719 million.
The post The PointsBet share price is roaring higher today. Here’s why 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. has positions in 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 Scott Phillips.
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