Sportsbook operator PointsBet announced the launch of its online and mobile New Jersey sports betting platform on Thursday. Wagers can currently only be placed in New Jersey, but the digital platform marks PointsBet’s first product launch in the U.S.
PointsBet has operated in Australia since 2017, where the company was founded. This past November, it established its first U.S office in Jersey City, N.J. The company is aiming to differentiate itself from the rest of the Garden State’s sportsbooks through a new kind of “high-risk, high-reward” betting format it calls “PointsBetting,” according to a press release.
“On top of all traditional bet types, they will offer a new kind of wagering not seen in the U.S.,” the press release reads. “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 has partnered with Tioga Downs Casino (in New York) and Meadowlands Racetrack (in New Jersey). The company also added NBA Hall of Famer Allen Iverson and former NFL All-Pro cornerback Darrelle Revis as brand ambassadors In November. PointsBet claims to have paid out $300 million to bettors and generated over 147,000 bets per day in Australia through 2018. The company’s New Jersey sportsbook is available on web, iOS, and Android and users can place bets on college sports as well as major professional leagues such as the NFL, the NBA, the NHL, and MLB.
“We’re extremely excited to bring PointsBet’s premium and game-changing sportsbook and signature betting options to the U.S.,” said PointsBet U.S. 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.”
SportTechie Takeaway
Recent reports show New Jersey residents are placing more sports bets online than at physical locations. They spent $260.7 million spent on sports gambling in October, of which $174.3 million were online sports bets. PointsBet will face competition from seven other New Jersey-licensed online sports betting platforms—including FanDuel, DraftKings, Caesars, 888 Sports, playMGM, SugarHouse, BetStars, and William Hill. Another new online option, theScore, will soon debut in the Garden State.
PointsBet’s partnership with Tioga Downs could be noteworthy, if and when New York State passes legalized sports betting.