PointsBet Holdings Limited has announced that its wholly owned subsidiary PointsBet Michigan LLC, having been authorized by the Michigan Gaming Control Board (MGCB) to commence igaming operations, has launched its proprietary igaming platform in the state.
The launch of the sportsbook operator’s inaugural igaming operations follows the legalization of sports wagering in Michigan on January 22, 2021. It now has plans to follow-up with a similar launch in New Jersey in June.
In a statement, PointsBet noted that igaming revenues in the US have “grown exceptionally” since the repeal of the Professional and Amateur Sports Protection Act (PASPA) in May 2018.
Across New Jersey, Pennsylvania, Michigan, and West Virginia igaming revenues exceeded $770m in the March 2021 quarter which, if annualized, would equate to more than $3bn per annum. PointsBet has igaming market access in each of these states.
New Jersey igaming revenues in particular have grown at a CAGR of 25% from 2014 to 2018, it added, with revenues having subsequently grown at 62% and 101% in 2019 and 2020 respectively.
Commenting on the launch, Group CEO and Managing Director Sam Swanell stated: “Over the past 18 months we have assembled a highly experienced igaming team which has built our in-house proprietary igaming platform and administrative tools and I am thrilled today to announce the inaugural launch in Michigan.
“The launch of igaming not only complements our existing sports wagering products, but also removes the disadvantage we have had with customer acquisition, retention and cross sell compared to those operators with igaming.”