Sports betting operator PointsBet has launched retail sportsbook operations in the US state Maryland.
PointsBet processed its first retail bet in the state yesterday (8 September), having gained market access in Maryland in June last year through a partnership with Riverboat Group’s Riverboat on-the-Potomac venue.
Riverboat on-the-Potomac operates as a licensed satellite simulcast facility for horse racing, with PointsBet to pay Riverboat a portion of net gaming revenue derived from sportsbook operations in the state as part of the 10-year deal.
The market access agreement included both retail and online sports betting, with PointsBet expecting to launch internet sportsbook operations in Maryland during the third quarter of next year.
Maryland’s Sports Wagering Application Review Commission (SWARC) this week officially opened applications for mobile sports betting in the state.
“We are thrilled to be live in Maryland ahead of the commencement of the NFL season,” PointsBet US chief executive Johnny Aitken said. “The first bet was taken on the Buffalo Bills, and we look forward to showcasing our product to the passionate, sports-loving community of Maryland.”
Maryland becomes the 12th state in which PointsBet has a sport betting presence, with the operator also active in New Jersey, Iowa, Indiana, Illinois, Colorado, Michigan, West Virginia, Virginia, New York, Pennsylvania and Kansas.
The launch comes after PointsBet last week revealed that year-on-year losses increased by 42.6% to AU$267.7m, with its share price falling more than 11% after the release of the report.
Group revenue rose 52.3% from $194.7m in H1 2022 to $296.5m in the same period the previous year. However, most of the additional revenue was swallowed up by the increased cost of sales which increased to $174.9m from $107m – leaving a 2022 gross profit of $121.6m compared to $87.6m in Q2 2021.
The market responded negatively to the company’s H1 financial report, with the business’ share price falling over 11% since the report was released.