PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price has sunk 10% to $12.17. This appears to be due to concerns over online sports betting legalisation in New York. Deutsche Bank stated: “Comments from NY politicians, as reported by affiliate media, appear far more pessimistic than those of several weeks ago around the prospects of NY legalising online sports betting in this session.” This would be a big blow, as the market is expected to be worth US$1.35 billion by 2023.
Although I'm struggling to understand the significant selloff considering New Jersey just a hop skip and a jump from New York will be taking up the slack so in my humble opinion and other reaction to something that the market knew was highly probable from the start.
Yet another year to wait until the disgraced governor Andrew Cuomo who is accused of sexual abuse and harassment is either impeached or removed from office.