Australian operator PointsBet is getting ready to enter the New Jersey online gambling market after getting the all-clear from the New Jersey Department of Gaming Enforcement. The sportsbook’s move into the always booming NJ market is a potential goldmine that could also raise its profile on the national level.
PointsBet’s gaming platform will be operating under Bally’s New Jersey license, which has only been active for a few weeks. Bally’s and PointsBet are already operating together in Colorado. The new venture launched late last week, almost as soon as Bally’s license was live.
With a New Jersey operation up and running, PointsBet is now active in Colorado, Michigan, Pennsylvania, West Virginia, and is eyeing expansions in other states. So far, the company’s strategy of testing the waters in smaller markets like Colorado (where it first launched in the US) before hitting the bigger markets like New Jersey, has worked out well.
Company officials acknowledged the big market strategy in a recent press release saying, “Across New Jersey, Pennsylvania, Michigan and West Virginia (all states in which PointsBet has iGaming market access), iGaming revenues reached nearly US $900 million in the June 2021 quarter, which if annualised [sic] would equate to greater than US $3.5 billion per annum. New Jersey iGaming revenues in particular have grown at a CAGR of 25% from 2014 to 2018, with revenues having subsequently grown at 62% and 101% in 2019 and 2020, respectively.”
PointsBet Group CEO and Managing Director Sam Swanell commented on the expansion saying, “We are thrilled to be able to expand our iGaming presence in the United States and bring our proprietary online casino product to the robust New Jersey market.The continued growth of our iGaming presence further advances our ability to acquire and retain premium clients, complementing our existing sports wagering products.”
So far there’s no word on what other states PointsBet may be eyeballing for further expansion.