Why is the Pointsbet share price smashing the ASX All Ords today?

a man in a green and gold Australian athletic kit roars ecstatically with a wide open mouth while his hands are clenched and raised as a shower of gold confetti falls in the sky around him.a man in a green and gold Australian athletic kit roars ecstatically with a wide open mouth while his hands are clenched and raised as a shower of gold confetti falls in the sky around him.

The Pointsbet Holdings Ltd (ASX: PBH) share price is smashing the All Ordinaries Index (ASX: XAO) today.

That is not something ASX investors have heard all too often in 2022.

In morning trade, the Pointsbet share price is up 5.3% to $1.98. Meanwhile, the All Ords is up a more muted 0.4%.

So, what’s driving investor interest in the corporate bookmaker today?

What’s piquing ASX investor interest?

The Pointsbet share price is charging higher after the company announced the launch of online sports betting operations in the US state of Maryland.

The betting operations will be run by its wholly owned subsidiary, PointsBet Maryland, LLC.

Maryland is the 13th US state where Pointsbet now has an online sports betting operation in place.

The other states where the company has launched online sports betting are: New Jersey, Iowa, Indiana, Illinois, Colorado, Michigan, West Virginia, Virginia, New York, Pennsylvania, Kansas, and Louisiana.

Commenting on the expansion that looks to be driving the Pointsbet share price higher today, USA CEO Johnny Aitken said, “Just a few short months after unveiling The PointsBet Retail Sportsbook at The Riverboat on the Potomac, we’re thrilled to now be able to add our market-leading online sports betting product to the mix.”

Aitken continued:

As one of the few sportsbooks to be on the starting line in Maryland, PointsBet will be delivering sports fans in the state a new way to take part in the action – whether that’s for the NFL, NBA, or NHL.

And we’re particularly happy to launch just as the 2022 World Cup is starting and showing Maryland bettors why we’re known as the home of live betting through our new suite of Soccer Lightning Bet markets.

Pointsbet share price snapshot

Today’s boost will come as welcome news to longer-term stockholders, who’ve watched the Pointsbet share price slide a painful 71% in 2022.

By comparison, the All Ords is down 6% year to date.

The post Why is the Pointsbet share price smashing the ASX All Ords today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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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