Here’s why the PointsBet (ASX:PBH) share price will be on watch today

The PointsBet Holdings Ltd (ASX: PBH) share price will be on close watch today. This comes after the company announced it has obtained approval to operate within the state of Michigan (United States).

At yesterday’s market wrap, the sports betting company’s share price finished the day at $14.71.

What did PointsBet announce?

According to this morning’s release, the Michigan Gaming Control Board (MGCB) has granted approval for PointsBet subsidiary, PointsBet Michigan LLC, to begin online sports betting operations effective tomorrow.

The favourable outcome now places PointsBet in offering its online betting platform across 6 states within the United States. These include New Jersey, Iowa, Indiana, Illinois, and Colorado.

The…