The move over to the US has cost PointsBet a pretty penny, but it's not backing out from its strategy anytime soon.
👉 Background: PointsBet is an Aussie betting company that was launched back in February 2017. While it originally made a play for the Aussie betting market, it ducked over to the US pretty shortly after.
👉 What happened: The move over to the US has cost PointsBet a pretty penny. In fact, over the last financial year, PointsBet made a loss of over $267 million.
👉 What else: But PointsBet is adamant that all this spending needs to be done in order to win in a new, significant market.
💡Legalising a previously deregulated industry is like drawing moths to a flame. And it's a pretty sizey market.
💡Goldman Sachs reckons the size of the US sports betting market will rise to $US39 billion by 2033. So it's no surprise that more than 40 betting companies have taken the bait to compete in the US market.
💡But it ain't cheap - you've got the licensing costs, the setup costs AND of course the major marketing costs (*cough* Shaq). So now PointsBet is hoping it can withstand the pressure.
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