Australia’s PointsBet moves into New Jersey market
Australian sports betting operator PointsBet has become the ninth operator to enter New Jersey’s regulated sports betting market.
PointsBet, which is operating a skin under Meadowlands Racetrack's licence, has vowed to bring a new “high-risk, high-reward” experience to US bettors through its signature PointsBetting product.
Melbourne-based PointsBet said it will aim to win market share in the maturing New Jersey market through an ambitious VIP programme and an aggressive marketing campaign featuring US sports icons Allen Iverson (pictured) and Darrelle Revis.
“We’re extremely excited to bring PointsBet’s premium and game-changing sportsbook and signature betting options to the US,” said PointsBet US CEO Johnny Aitken.
“By offering some of the world’s sharpest betting offers and prices, we have the back of all sports bettors, no matter how sophisticated they are, and we’re serious about offering a one-of-a-kind VIP betting experience.”
The PointsBetting product rewards players with more money the more they are correct.
“How much users win or lose is determined by how accurate they are,” the company explained. “For example, if a user bets $10 on the over, and the total ends 10 points over, that nets users $100. Stop-loss settings are able to be set by a bettor if they wish to limit their win and loss position. Users will still be able to make fixed odds wagers, which give a simple win-or-lose scenario.”
PointsBet, which has 45,000 active clients in Australia and paid out over $300m in customer winnings last year, announced it had struck a deal to enter New Jersey with Meadowlands July 2018.
Its New Jersey launch comes in the same week that FanDuel, also based at Meadowlands, was revealed to be the state’s biggest betting operator by handle and revenue, according to the Division of Gaming Enforcement's December figures.
Pending legislative authorisation, PointsBet will also launch with Tioga Downs casino in the state of New York.
Speaking to iGamingBusiness.com last summer, Aitken explained that US entry had been the business' target since PointsBet was established in 2015.
He said: “Our focus from day one has always been on the US, with Australia very much a proof of concept for us to get our Points Betting and sportsbook capabilities tuned up to execute at an optimal level when the market here finally opened.”