PointsBet saw its share of the New Jersey sports betting market jump from 5.7 percent in the first quarter to 8.7 percent in the second quarter.
The company credited “non-traditional” markets for its success. As the coronavirus pandemic sidelined major sports in the U.S., darts, table tennis and eNASCAR fueled gains for PointsBet, according to Legal Sports Report.
“We made the most of those second-tier sports,” said PointsBet CEO Sam Swanell, who added that some operators focused more on online casino games.
The company raked in $31 million during Q2, down 13 percent year over year, but with the gain in market share, PointsBet took less of a hit.
PointsBet’s share may decrease to about 6 percent as other sportsbooks increase spending in New Jersey, Swanell said. PointsBet may spend less time focusing on the state and pivot towards ramping up to a 10 percent share in other states.
Swanell expects to accept bets in Illinois by the end of August, a boon considering its partner, Hawthorne Race Course, lies just outside of Chicago and its fertile market.
“And we’ll be looking to execute a more well-rounded brand strategy. We want to introduce to the market that there’s alternatives to FanDuel and DraftKings, and that PointsBet is here,” Swanell.
