PointsBet Has Setback on Big Betting Weekend
May is typically a slow month when it comes to legal sports betting, but Memorial Day weekend usually draws plenty of action. PointsBet Sportsbook in New Jersey was not able to cash in this weekend as an outage was planned through Monday.
An official reason for the outage was not announced, but it began on Friday afternoon and lasted through Monday. The good news for PointsBet is that the outage only affected New Jersey, but that is one of the biggest markets in the United States.
Users in New Jersey that attempted to use the PointsBet app noticed an error message when attempting to sign in. This was a pretty big weekend of sports as there were some meaningful NBA and NHL Playoff games taking place.
PointsBet Sportsbook has been live in the state of New Jersey since 2019 after forming a partnership with The Meadowlands. The Meadowlands also has partnerships with FanDuel and the SuperBook, and that is the most profitable casino in the state.
In April, the Meadowlands had nearly 67 percent of the entire sports betting revenue for the month, but the majority of that came from FanDuel. It’s unclear how much money PointsBet will lose with this power outage, but it will be in the thousands of dollars.
PointsBet Still Growing
PointsBet is now a name that is synonymous with the online sports betting industry in the United States, even though it’s a company that is founded in Australia. New Jersey was the first state that saw this online sportsbook in the United States, but it wasn’t the last.
PointsBet has now actually built a U.S. headquarters in Denver, Colorado and it has a massive presence in that state. There are a number of states getting ready to legalize or launch sports betting, and PointsBet is expected to be present in those states as well.
During the first quarter of 2022, PointsBet posted a total sports betting handle of more than $577 million. That’s a growth of close to 70% from what was reported in 2021. Louisiana and Ohio are expected to be two of the next targets of PointsBet Sportsbook.
New York Hits Milestone
The state of New York just continues to blow past New Jersey in both sports betting handle and sports betting revenue. New Jersey was once the biggest online sports betting market in the United States, but New York has jumped ahead and is not looking back.
New York launched online sports betting in January of this year, and the state has already gone over the $7 billion mark in online sports betting handle. That state has actually seen a decrease in handle over the last few weeks, but that has followed a national trend.
New York is on pace to post a monthly sports betting handle total of more than $1 billion yet again, and New Jersey is not going to get to that mark in May.