Should you be concerned about the PointsBet (ASX:PBH) share price?

The PointsBet Holdings Ltd (ASX: PBH) share price is facing heavy selling pressure today. At the time of writing, shares in the company are down 9.32% to $12.26. 

We take a closer look at what might be driving down the PointsBet share price today. 

Why is the PointsBet share price being sold off?

A research note from Deutsche Bank said online sports betting legalisation in New York was “hanging by a thread”. On the issue, Deutsche Bank also stated that:

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…