PointsBet Continues Rapid US Expansion in Penn National Deal
PointsBet’s announcements included big news in Iowa and Colorado, featuring a new headquarters in Denver. Then Penn National dropped its bombshell announcement, involving a 20-year partnership regarding PointsBet’s skins across several states.
RELATED CONTENT: Sports Betting Ambitions Lead theScore to Penn National Deal
PointsBet Expands in the US
PointsBet started the week by announcing multiple state expansions.
Iowa: Sports Betting License Obtained
Iowa garnered a sports betting license for its Ameristar Casino in Council Bluffs July 30. Though details aren't finalized, it could begin taking bets as soon as Aug. 15.
BREAKING: In addition to obtaining our license for our Iowa Sportsbook today...— PointsBet Sportsbook (@PointsBetUSA) July 30, 2019
We are also expanding to Colorado! We will be partnering with the Double Eagle Hotel and Casino to bring a first-class Sportsbook and mobile technology statewide!https://t.co/QPftJ08ebj
Colorado: Casino Deal and Headquarters
On July 30, PointsBet announced a partnership with Double Eagle Hotel and Casino in Cripple Creek, Colorado.
To note, sports betting is not yet legal in Colorado. The issue of sports betting is up for state referendum in Colorado’s November elections. Colorado’s sports betting bill was signed by Governor Jared Polis and needs to be passed by voters in November to go into effect.
PointsBet is banking on Colorado voters passing the referendum, as the partnership with Double Eagle will see PointsBet operating the casino’s in-person and mobile sportsbook. Johnny Aitken, PointsBet USA CEO, said in the July 30 press release:
"PointsBet is proud to partner with Double Eagle Hotel and Casino in the midst of Colorado's efforts to legalize sports betting. Colorado is a strong and intelligent market hungry for a premium sportsbook and betting experience, and we're looking forward to introducing new clients to a truly innovative, customer-first experience from start-to-finish."
"The PointsBet team is excited to join the great state of Colorado in establishing a new, Denver headquarters. It's a sports-loving, tech hub that is also in a great location for us strategically. We can't wait to have a presence in the area and have access to some of the best and brightest minds as we continue to grow."
PointsBet and Penn National
On July 31, Penn National announced massive partnership with PointsBet and three addtional gambling companies: DraftKings, theScore and The Stars Group.
RELATED CONTENT: Penn National Joins 4 Top Sportsbooks With Long-Term Deal
For PointsBet, it will be working with Penn National in Indiana, Louisiana, Missouri, Ohio and West Virginia. Penn National is also planning on acquiring an equity stake of 5.28 percent in PointsBet, as well as the $2.5 million access fee in Ohio specifically.
PointsBet could soon enter West Virginia, where sports betting is already legal. It will have to wait at least a month in Indiana until sports betting goes live in the state. It will likely be ready to go on or soon after the September 1 launch date.
PointsBet will not be seeing action for now in Louisiana, Missouri or Ohio in 2019. However, all three states are seeing movement made toward sports betting, adding significant potential value to the partnership in the years to come.
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