Australian online bookmaker PointsBet has announced that its subsidiary, Premier Turf Club (BetPTC) has signed a deal with 1/ST Technology, a division of The Stronach Group, a North American thoroughbred horse racing company.
ADW product expected to launch in early 2023
The deal will see the company launch a fully integrated Advance-deposit Wagering (ADW) horse racing service for all PointsBet customers across the United States.
Speaking of the announcement, PointsBet Group CEO Sam Swanell said:
“Today marks a pivotal moment in the evolution of our US expansion strategy. Horse racing has a unique role to play alongside sports betting in the United States, and despite already generating over US$6.5 billion per annum in industry online handle, we consider it an attractive category on the cusp of further expansion on the back of the ongoing shift from brick and mortar to digital.
With PointsBet’s mature market Australian racing expertise, and now a strategic partner in 1/ST TECHNOLOGY that provides us with a market leading portfolio of racing products and services, we can introduce new and existing customers to a dynamic and interactive PointsBet branded horse betting experience. This will be supported through cost effective offers and marketing, along with the utilisation of our extensive US sports betting database.”
As part of the agreement, 1/ST TECHNOLOGY will provide horse racing betting products and content solutions which will be fully integrated within the PointsBet sportsbook app. This will be available in all states where PointsBet is licensed to operate. PointsBet has also revealed that it will launch a separate stand-alone ADW app in eligible states where the company does not currently offer sports betting.
PointsBet’s new horse racing wagering service including the standalone app is expected to launch in early 2023.
Paul Williams, Chief Executive Officer, 1/ST TECHNOLOGY, said of the deal:
“1/ST TECHNOLOGY is excited to be partnering with the truly innovative team at PointsBet to bring the great sport of horse racing to a growing customer base across US markets. We are uniquely aligned on a superior product vision as well as the value that this relationship brings to our collective organizations and horse racing industry stakeholders at large.”
PointsBet will pay 1/ST TECHNOLOGY a portion of ADW revenue. There are no upfront payments or minimum guarantees over the term.
ADW betting is a pari-mutuel form of horse wagering and is currently legal in most US states. BetPTC is licensed to operate in 22 US states with applications pending in 9 further states.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.