PointsBet Joins NJ iGaming Market with Twin River Deal
PointsBet, which already operates a sports betting platform in New Jersey, is set to enter the rich iGaming market there as well.
The Australian-based company announced Thursday it has reached a “primary skin” agreement with Twin River Worldwide Holdings in New Jersey, according to a news release. Twin River is in the process of completing its deal to acquire Bally’s Atlantic City.
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For PointsBet, the 10-year deal is another sign of its aggressive push into the U.S. iGaming and sports betting markets. Just this week it announced a deal to become an official gaming partner of the NBA’s Indiana Pacers and it is poised to launch its sports betting platforms in Illinois and Colorado.
When PointsBet will launch its iGaming platform in New Jersey is contingent upon Twin River completing its acquisition of Bally’s Atlantic City, as well as PointsBet securing licenses and regulatory approvals for its mobile app and website platforms from the state, the news releasesaid. Twin River will receive a portion of net gaming revenue PointsBet earns in New Jersey.
Online casino products are currently in development by PointsBet and the company expects to launch iGaming in Michigan first with the launch in New Jersey expected in the first half of 2021, according to the news release.
PointsBet offers sports betting in New Jersey through its skin agreement with Meadowlands Racetrack. On July 9, PointsBet announced a partnership deal with BetMakers Technology Group to offer fixed-odds horse racing betting at New Jersey’s Monmouth Park track.
New Jersey’s iGaming market has been growing, in part because of the coronavirus pandemic that shut down casinos in mid-March. Players instead began playing from their homes. The internet gaming revenue in June was $85 million and in May it was $86 million. The June figure was up 123.1% from June 2019 ($38 million).
”We are extremely excited to have the opportunity to participate in the best-in-class mobile gaming environment that New Jersey has created and that we believe will bring new and innovative offerings to the market,” George Papanier, president and CEO of Twin River, said in the news release.
In April, Twin River reached an agreement to buy Bally’s Atlantic City from Caesars Entertainment, as well as Eldorado Resorts properties in Louisiana and Nevada. Caesars and Eldorado sold the properties as part of its recently completed merger.
PointsBet Going Big in US
The agreement with Twin River in New Jersey continues an active streak for PointsBet in the U.S. market:
- On Wednesday, the PointsBet sportsbook became an official partner of the Pacers. As part of the agreement, PointsBet can advertise on the sidelines between the benches and the baseline. It’s the first time a sportsbook will be able to place its branding in that area on the court. There will also be PointsBet signs throughout the team’s home arena, Bankers Life Fieldhouse in Indianapolis.
- On July 30, PointsBet partner Hawthorne Race Course, located just outside of Chicago, received approval from the Illinois Gaming Board for a master sports wagering license. PointsBet plans to launch retail and online sports betting at the race track and three OTB facilities near Chicago by the end of August. PointsBet is already live in New Jersey, Iowa and Indiana.
- On July 2, PointsBet became the first sports betting operator to reach an agreement with an MLB team. The agreement with the Detroit Tigers gives PointsBet advertising in the Comerica Park, on the team’s broadcast and on the Tigers’ digital platform. PointsBet is an authorized gaming operator of MLB, which allows it to use official league data and logos.
- On March 9, PointsBet went live in Indiana, less than a week after receiving final approval from the Indiana Gaming Commission to launch its state-wide mobile and online platform. Indiana was the third state where PointsBet was approved.
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