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, whatâs driving investor interest in the corporate bookmaker today?
Whatâs 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, âJust a few short months after unveiling The PointsBet Retail Sportsbook at The Riverboat on the Potomac, weâre thrilled to now be able to add our market-leading online sports betting product to the mix.â
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 â whether thatâs for the NFL, NBA, or NHL.
And weâre particularly happy to launch just as the 2022 World Cup is starting and showing Maryland bettors why weâre known as the home of live betting through our new suite of Soccer Lightning Bet markets.
Pointsbet share price snapshot
Todayâs boost will come as welcome news to longer-term stockholders, whoâve 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.
Renowned futurist claims this could be⦠âThe last invention that humanity will ever need to makeâ?
Tech billionaire Mark Cuban believes the world’s first trillionaires are going to come from it…
And just like the internet and smartphones before it, this technology is set to transform the world as we know it. Itâs already changing the way you work, how you shop⦠and itâs even helping to save lives — Perhaps thatâs why experts predict it could grow to a market defying US$17 trillion dollar opportunity?
If youâre wondering what could be the engine room of the next bull market . . Youâll need to see thisâ¦
Learn more about our AI Boom report
*Returns as of November 10 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Why has the Pointsbet share price dumped 9% in 2 days?
- Why is the PointsBet share price dropping today?
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.
from The Motley Fool Australia https://ift.tt/rR1uMwP
Leave a Reply