Sportsbook operator PointsBet announced the launch of its online and mobile New Jersey sports betting platform, PointsBet’s first product launch in the US. At the moment, however, it’s only possible to place wagers in New Jersey.
PointsBet has been operating from Australia since 2017. The company’s main advantage is a new kind of “high-risk, high-reward” betting format called “PointsBetting.”
The Sportsbook
The sportsbook offers a traditional betting format, but it also offers a certain type of betting previously unknown in the US. It works as follows: if a user bets $10 on the over, and the total ends 10 points over, the player gets $100.
Additionally, spot-loss settings can be set by a bettor if they wish to limit their win and loss position. It’s also still possible to make fixed odds wagers, which introduces the bettor to a simple win-or-lose scenario.
PointsBet partnered with Tioga Downs Casino (based in New York) and Meadowlands Racetrack (based in New Jersey). Also, the company added NBA Hall of Famer Allen Iverson and former NFL All-Pro cornerback Darrelle Revis as brand ambassadors.
The Company
The company paid out $300 million to bettors and generated over 147,000 bets per day in Australia throughout 2018. Currently, its New Jersey sportsbook app is available on the web, iOS, and Android platforms.
Bettors can place a bet on college sports and major professional leagues such as the NFL, the NBA, the NHL, and MLB. PointsBet’s official claim is that they want to deliver a VIP betting experience.
The Impact
While the PointsBet online sportsbook looks amazing as a prospect, it will face fierce competition. New Jersey residents spent $260.7 million on online gambling in October. However, that’s divided among several high-profile casinos, such as FanDuel, DraftKings, Caesars, 888 Sports, playMGM, SugarHouse, BetStars, and William Hill.
Therefore, it’s hard to predict how PointsBet will fare on the NJ online gambling market, especially when you consider that another sportsbook, theScore, is opening soon.
