The Australian sports betting brand has taken its first steps into the US online casino market.
The Australian betting brand PointsBet has launched its online casino product in the state of Michigan.
With the launch of its online casino in the Wolverine State, PointsBet has taken its first steps into the US online casino market.
PointsBet launches online casino in Michigan
The online operator announced the launch of its online casino yesterday after receiving approval from the Michigan Gaming Control Board.
Speaking on the Michigan launch, PointsBet chief executive and managing director Sam Swanell said: “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 to announce our 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.”
PointsBet is now the 12th online operator to launch a legal online casino product and sportsbook in the state of Michigan.
More launches coming
Although PointsBet has established a presence in the US betting space, its performance in the online casino market remains to be seen.
PointsBet has managed to carve out a unique space for itself in the betting space with its Points Betting product, which offers variable payouts.
With the launch of its first online casino product in Michigan complete, the operator will now look to launch its online casino in New Jersey where it operates an online sportsbook in partnership with Meadowlands Racing and Entertainment.
The operator currently has market access in several states with legal betting and according to its investor presentation from 29 April, PointsBet plans to be “operational in 18 US states” by the end of 2022.
PointsBet also has market access in Pennsylvania and West Virginia which means more online casino launches could be on the horizon.
PointsBet eyeing online casino opportunities
During its presentation, the operator said that the online gambling market has the potential to be a “significantly larger opportunity than sports wagering.”
In states with legal betting and online casino gambling, the revenue generated from online casinos outpaces sports betting revenue.
However, PointsBet said it expects sports betting to be a bigger market on a national scale due to the fast pace of legalisation, and that it may produce twice as much revenue as online gambling by 2025.
For the time being, PointsBet believes it has an advantage in the online gambling space as it owns and controls it’s in-house technology stack and game development division. According to PointsBet, operators typically depend on third-party suppliers to support operations.