PointsBet Holdings Limited has announced that its wholly owned subsidiary PointsBet Michigan LLC has launched its proprietary igaming platform in the state after receiving approval from the Michigan Gaming Control Board (MGCB).
The launch of the sportsbook operator’s first igaming operations comes after Michigan legalised sports betting on January 22, 2021. It now intends to follow up with a similar launch in June in New Jersey.
PointsBet said in a statement that since the repeal of the Professional and Amateur Sports Protection Act (PASPA) in May 2018, igaming revenues in the US have “grown exceptionally.”
Igaming sales during March
Igaming sales in New Jersey, Pennsylvania, Michigan, and West Virginia exceeded $770 million in the March 2021 quarter, equating to more than $3 billion a year if annualised. In each of these nations, PointsBet has igaming market access.
Revenues in New Jersey igaming have increased at a CAGR of 25 percent from 2014 to 2018, according to the study, with sales increases of 62 percent and 101 percent in 2019 and 2020, respectively.
Highly experiences igaming team
Sam Swanell, Group CEO and Managing Director, said of the launch: “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.”