New Jersey is getting another mobile sportsbook.
A partner with Meadowlands Racetrack, the Australia-based sportsbook is beginning with what the DGE called “soft play” and only operates online in the Garden State.
While not fully launched, that makes PointsBet the ninth mobile operator in New Jersey, coming three months after the last online sportsbook went live.
At the start, it appears the functionality and betting markets will be limited. When at full strength, PointsBet, with its signature Points Betting product, will offer what no other sportsbook in the state does.
PointsBet offers a unique market
In a skin deal with both Meadowlands and Tioga Downs in New York (both owned by Jeff Gural), PointsBet in July announced its intention to enter the US legal sports betting market.
In early October, the bookmaker made it public that it would soon debut in New Jersey, at the time anticipating a November launch of its product.
Per a release at the time, PointsBet “separates themselves by rewarding accuracy; the more accurate your bet, the more you can win.”
With wagering available around the clock on sports all over the world (including the four major leagues in the US), PointsBet offers traditional wagering as well as its signature product, Points Betting.
In this market, bettors face high-risk, high-reward stakes.
The amount won or lost depends on how close the final number is in relation to the line. As an example, customers wagering $10 on the over, and with the total finishing 10 points over, they pocket $100. Conversely, 10 points under results in a $100 loss.
Such a unique offering could certainly bode well for PointsBet, considering the other eight NJ online sportsbooks have had at least a three-month head start.
Finally reaching America
PointsBet launched in 2017, using Australia as a steppingstone to the US, according to a November interview with the company’s US CEO Johnny Aitken.
“Our founders … they always had a dotted line into America,” Aitken said at the time. “The Australian business was always sort of set up as a proof of concept for the American market.”
Now with offices in Jersey City, PointsBet has neared closer to its American launch. And points betting, Aitken said, provides a leg up for the incoming sportsbook.
“In a crowded market, where you have potentially up to 15 to 20 competitors in year one, that (points betting) is a huge asset for us. We do see it having extreme cut-through here in the US market.”
Meadowlands NJ sports betting family grows
PointsBet will become the second skin used by Meadowlands.
The East Rutherford racetrack has already established itself as a go-to retail sportsbook in the Garden State, and its partnership with FanDuel Sportsbook has undoubtedly helped.
Since launching in July, the brick-and-mortar operation has generated $9,925,916 in revenue through October, the most among nine sportsbooks in the state.
On top of that, the mobile FanDuel Sportsbook, which went live in September, has reported $5,280,476, second only to DraftKings Sportsbook.