Through its partnership with Penn National Gaming, PointsBet will have access to multiple US markets once its expansion plans are up and running.

The company is aiming to expand its US sports betting arm and requires extra funds for marketing, product development and business development, in the form of licensing fees and retail sportsbook costs.

In June, PointsBet raised more than $50m through an IPO in Australia.

It has also taken $65m in sports betting handle within the US through 20 October, a large portion of which came from mobile wagering in New Jersey.

Overall, the operator has reported a 138% year-on-year rise in turnover for Q1 to $235.8m.

In the Australian market, turnover rose 66% to $164.4m, as revenue more than doubled to $12.6m.

PointsBet was fined $14,300 for posting an illegal gambling advertisement in New South Wales in April.