The PointsBet Holdings Ltd (ASX: PBH) share price is under pressure again on Monday.

In afternoon trade, the sports betting company’s shares are down over 3% to $2.64.

This means the PointsBet share price is now down by 63% since the start of the year.

Is the PointsBet share price going to rebound?

The good news for shareholders is that a couple of leading brokers believe the PointsBet share price has the potential to rebound materially. In fact, both brokers are tipping the company’s shares to more than double over the next 12 months.

According to a recent note out of Bell Potter, its analysts have speculative buy rating and $6.00 price target on the company’s shares.

Its investment thesis is based largely on its proven ability in Australia and large market opportunity in North America. In respect to the latter, the broker commented:

PointsBet is pursuing a very large opportunity in the sports betting market in North America. The market is still very much in its infancy as, until recently, sports betting was prohibited in the US and Canada and states/provinces across both countries are only now – or recently – introducing legislation which allows a limited number of licensed operators to provide sports betting.

PointsBet is aiming to be one of the leading providers (i.e. top 5) of online sports wagering in at least 17 states across the US and one province in Canada over the next two years. The size of sports wagering market in the US alone is estimated to be b/w US$8-10bn in 2025.

Who else is bullish?

Another broker that is bullish on the PointsBet share price is Goldman Sachs. It recently retained its buy rating with a $5.78 price target.

Its analysts acknowledge that sentiment in the tech sector for loss-making shares is challenging, it believes investors should stick with the company. Particularly given its positive long term outlook and large addressable market. Goldman said:

We reiterate Buy on PBH, given i) leverage to burgeoning US OSB+iGaming TAM, ii) we see it as well positioned to carve out niche share of the North American market, iii) upside risk to LR sustainable margins and scalability benefits ahead, iv) market over-extrapolating recent promotional intensity which has already eased, and v) valuation support given significant upside still to our revised multiples.