PointsBet Signals Canadian Market Plans
PointsBet sent out a press release today, Thursday, June 3rd, 2021, announcing the hiring of Nic Sulsky, a leading name in the Canadian gaming industry. The announcement also highlights that this move is made in conjunction with plans to expand into the Canadian market.
Nic Sulsky will become the Chief Commercial Officer for all Canadian Operations for PointsBet, and his tenure begins on June 8th, 2021. This is a massive statement made by PointsBet to show how serious the sportsbook is about moving into the potentially huge Canadian sports betting market.
Timing of Announcement
As mentioned in the press release, the Canadian Senate is currently reading over a bill, Bill C-218, that would legalize single-game betting in Canada. Currently, only parlay betting is legal, and online sports betting is not available in any province. The bill has already passed the House of Commons but will need to pass again with the rewrites that were suggested by the Senate. If the bill does succeed in the Senate, then the House of Commons again, it then can be signed into law.
While there are many steps, if the bill is going to pass, then it is going to happen before July. Once June is over, there will be a recess, and the bill will probably have to wait for another go in the Canadian legislature.
PointsBet is doing their homework early and getting the company ready for a potential passing of this bill. However, even if single-game betting does not come to fruition this month, PointsBet can still prepare itself for a potential launch in 2022.
PointsBet will not want to drop the ball on this potentially game-changing market. Canada represents a projected revenue similar to that of California. These are the two biggest markets in North America, and some experts have quoted $2-$5 billion in potential revenue. With how big sports betting has already become in some states, there is no reason why Canada could not represent a multi-billion dollar monthly sports betting handle.
This means that Canada is going to be a huge pie, and the bigger chunk that PointsBet can get, the better off it will be more long-term success.
PointsBet CEO on Move
Johnny Aitken, PointsBet USA CEO, is quoted in the release saying, “PointsBet is excited to welcome Nic to the team, adding strong talent that knows how to build first-class gaming brands while possessing a deep understanding of the Canadian landscape… With legislation now before the Canadian Senate, our hope is that this will be the first of many Canadian hires as we work to ensure our Canadian leadership team both understands and reflects the unique characteristics of the Canadian sports environment and its millions of loyal fans.”
This is just the first step towards PointsBet Canada; however, it does show investors that PointsBet is taking Canada seriously and sees its potential for sports betting. This also may signal that PointsBet feels there is a good chance that the legislation does indeed find its way through by the end of June. This would be monumental for North American sports betting.