According to Credit Suisse, one of the major ASX stockbrokers, Pointsbet’s value will grow in a year. The Switzerland-based financial services corporation is forecasting that Pointsbet’s shares could rise by 60% over the next year.
Pointsbet is an Australian-based ASX-listed betting firm that operates in Australia and the United States. It recently obtained a New York online gambling license.
Credit Suisse Research ranks bookmaker Pointsbet as one of the most valuable companies in the gambling market. The wagering provider is a hot investment, with Credit Suisse predicting a price target of $12.80 for the broker that currently trades at $7.48.
According to Credit Suisse, the New York wagering license for Pointsbet indicated that the Australian betting company might become a major player in the US online gambling industry.
One of the Betting Companies That Got a New York License
The New York Gaming Commission gave Pointsbet its final approval to operate legally in the United States just two weeks ago. The license allowed Pointsbet to provide mobile sports betting to clients in the state, along with eight additional mobile wagering firms, including BetMGM, WynnBet, Caesars, DraftKings, FanDuel, and others from the betting business.
Unfortunately, not all bookmakers that applied for a New York online gambling license were granted one. Bet365 and Fanatics are two well-known companies that were unable to obtain a gaming commission license from the state of New York.
In the meantime, New York gamblers will have to wait. Despite all of the formalities now in progress, the businesses that were chosen will have to wait until early 2022 to start selling their betting services to New York bettors. Prior reports suggest that Pointsbet may begin operations in the state before the 2022 Super Bowl.
A Watershed Moment for the Bookmaker
The founding of Pointsbet in 2016 was seen by many as an important event for the Australian betting industry. The fact that Pointsbet was among a small group of firms to receive a license to operate in New York was described by Aitken CEO of the US as “a major milestone” for the Australian bookmaker.
The firm’s founder and CEO, Mr Aitken, stated that his company was eager to take advantage of its sports betting collaboration with NBC Sports and provide millions of devoted New Yorkers with the sports betting experience they desired.
Net and Gross Figures are Both Impressive.
When it comes to expected growth, Pointsbet’s forecast is not surprising. Consider how well the firm has done recently, and you’ll understand why the predicted rise isn’t shocking. In the first three months of its 2022 fiscal year, Pointsbet’s total turnover increased by 42 percent to $979.9 million – a US turnover of 112 per cent and income of $348.6 million.
When you compare Pointsbet’s overall and gross win tallies, the growth is clear. The company’s overall gross win for the first quarter of FY22 increased to $117.1 million, a 66% increase. The US gross win figures increased by 197 percent to $29.2 million.
The total net win Pointsbet obtained in the first quarter of FY22 was $67.3 million, a 76% increase. In the US, bookmaker’s net gain increased by 307 percent to $12.5 million.