PointsBet (ASX:PBH) in the run for New York licence

PointsBet’s (ASX: PBH) subsidiary PointsBet New York has been recommended by the New York State Gaming Commission (NYSGC) to recieve a platform provider licence to operate mobile sports wagering in New York.

The news comes after a public meeting was held yesterday to decide which sports betting companies would be recommended for a licence to operate mobile sports wagering in New York when laws change.

In addition to Pointsbet, eight other operators were recommended by the NYSGC, including FanDuel, BallyBet, BetMGM, DraftKings, Rush Street Interactive, Caesars, WynnBet and Resorts World.

Official approval procedures will follow, with the recommended operators to undertake independent system testing ahead of official launch, expected in early 2022, according to PointsBet 

“Today’s news of being recommended by the New York State Gaming Commission marks an exciting moment for us at PointsBet,” said US CEO Johnny Aitken.

“Having the potential to secure market access to New York state – expected to be one of the largest and most important markets in the United States – represents another major milestone for our company, our brand, and our technology.”

“We are thankful to the Gaming Commission for this recommendation and believe it speaks volumes to PointsBet’s reputation and ability to deliver an unrivaled, world-class experience. We eagerly await the official opportunity to leverage our exclusive sports betting partnership with NBC Sports and introduce the nation’s premier sports betting product to the countless passionate, sports-loving New Yorkers.”

Shares in PointsBet (ASX:PBH) are trading 8.1 per cent higher at $8.96.