Australian online bookmaker PointsBet has agreed an expanded deal with Penn National that will give the operator market access to iGaming and sports betting in Pennsylvania and retail sports betting in Mississippi.
The new deal which was announced in a press release on Thursday, sees the current agreement with Penn National expanded from five to seven states.
As a result, PointsBet now has market access to 14 states.
Speaking of the deal expansion, President and Chief Executive Officer of Penn National Gaming Jay Snowden said:
“With the addition of Pennsylvania and Mississippi, we are pleased to expand our market access partnership with PointsBet to seven States. We have a great working relationship with the PointsBet team and are thrilled with the performance of our equity stake in the company since inking the original agreement. While we continue to value our equity stake in the company, the release from the disposal restrictions will provide flexibility as we assess our future capital management plans.”
PointsBet Group Chief Executive Officer Sam Swanell added:
“We are very excited about adding another two guaranteed online market access points to our portfolio in Pennsylvania and Mississippi. A mature, total addressable sports betting and iGaming market in Pennsylvania is estimated to be over US$1.75 billion per annum. Further, Pennsylvania is home to Philadelphia, the fourth largest media market in the United States, inclusive of southern New Jersey and a regional pillar of the Comcast-NBC Universal asset portfolio. NBC Sports Philadelphia owns the in-game broadcast rights to the Phillies, 76ers, and Flyers covering over 290 live events per year across 4.1 million households.”
The news follows last week’s announcement that PointsBet has acquired Banach Technology in a deal worth $43 million.