PointsBet Expands North of the Border
Australian-based sportsbook PointsBet has already made a significant impact in the legal US sports betting industry. The company continues to expand its markets for online sports betting through its mobile sportsbook app.
Recent changes to the law in Canada that will allow single-game betting has prompted the company to form PointsBet Canada. To get this business endeavor off to a strong start, Scott Vanderwel has been hired as the company’s CEO.
The long-time executive at Rogers Communications should make him a perfect fit for his new role. The goal at hand is to recreate PointsBet’s success in the US market north of the border in Canada.
More than a few legal US sportsbooks are starting to invest in the Canadian market. The change in sports betting laws is leading the charge. The only form of legal sports betting in Canada was on parlay wagers. Single-game betting will be a game-changer.
The new legislation gives each province the opportunity to offer single-game wagering through licensed sportsbook operators. Industry analysts believe this could quickly grow this market into a $1.25 to $2 billion industry.
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Canada’s overall population is close to 38 million which basically mirrors the size of California. Legal single-game sports betting in every province will fuel this growth, led by Ontario as the largest population center in the country.
Mr. Vanderwel released the following statement in conjunction with his new role:
“The sports betting industry has demonstrated how it can entertain consumers, engage sports fans and deliver quality products, and PointsBet has been at the forefront of doing it the right way. We’re going to build a modern, responsible, distinctly Canadian operation and I can’t wait to get started.”
In his previous position, Mr. Vanderwel was Roger’s Senior Vice President. The Canadian media giant has strong ties to the sports industry. His primary area of expertise was in corporate strategy and digital operations.
This is the third addition to PointsBet executive team. Nic Sulsky came over from Monkey Knife Fight to assume the title of Chief Operating Officer. Chantel Cipriano will serve as the company’s vice president of legal and compliance.
PointBet’s global CEO is Sam Swanell. He is also one of the company’s co-founders dating back to 2015. The parent company in Australia is known as PointsBet Holdings LTD. Along with online bookmaking services, the company also develops online betting platforms.
The expansion into the legal US market started in New Jersey back in January of 2019. Adding a corporate headquarters to cover the western half of the country, PointsBet has a strong business presence in Denver, Colorado.
One of this sportsbook’s unique features is referred to as ‘points betting.’ This gives bettors a chance to make a higher return on winning wagers based on the closing line. For example, if the favorite easily covers the point spread or the combined score goes way over the set total line, the return on the bet will be higher than the standard even money (+100) payout.