PointsBet receives preliminary approval from DGE
Australian bookmaker to begin offering a soft-play version of its betting product
Australian-owned bookmaker PointsBet has been approved to begin “soft-betting” in New Jersey.
The New Jersey Division of Gaming Enforcement said it has given preliminary approval to the Australian-owned bookmaker to begin operations.
The company will operate online via the Meadowlands betting license which is also used by FanDuel, and marks the ninth online betting operator to launch in New Jersey
PointsBet which counts Fox News-owner NewsCorp among its investors, has been investing heavily in New Jersey in recent months, signing Darrelle Revis and Allen Iverson as brand ambassadors for its betting platform.
The operator also appointed former Foxwoods exec Seth Young as its chief innovation officer in November.
Young will be charged with developing PointsBet’s online gaming product suite and to building out a full strategy PointsBet’s retail operations.
The company’s US CEO Johnny Aitken said recently the firm’s proprietary spread betting mechanic would help it stand out in New Jersey.
“In a crowded market, where you have potentially up to 15 to 20 competitors in year one, that (points betting) is a huge asset for us. We do see it having extreme cut-through here in the US market.”
PointsBet has a similar licensing deal in place with New York casino Tioga Downs, which, like the Meadowlands, is owned by Jeff Gural.