PointsBet approved to launch in New Jersey
PointsBet has been authorised by the New Jersey Department of Gaming Enforcement (NJDGE) to commence iGaming operations and has launched its proprietary iGaming platform in that state.
The launch of iGaming operations in New Jersey follows PointsBet’s inaugural iGaming launch in Michigan on 5 May 2021. iGaming revenues in the United States have grown exceptionally since the repeal of Professional and Amateur Sports Protection Act in May 2018. 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 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.
“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,” commented PointsBet Group CEO and Managing Director Sam Swanell. “The continued growth of our iGaming presence further advances our ability to acquire and retain premium clients, complementing our existing sports wagering products.”