PointsBet secures additional market access
PointsBet announced yet another market access agreement, entering into a deal with The Riverboat on-the-Potomac to provide online and retail sports wagering in the state of Maryland. The news comes only a month after Maryland Governor Larry Hogan signed legislation allowing both online and retails sports betting in the state.
Under the agreement, PointsBet will partner with the revered Riverboat on-the-Potomac, a licensed satellite simulcast facility for horseracing and minority-owned small business located in Charles County, Maryland.
Key features of the agreement
The agreement involves PointsBet and the Riverboat Group partnering to launch online and retail sports wagering in the state of Maryland.
The initial term of the agreement is ten years.
PointsBet will pay to the Riverboat Group online and retail sportsbook market access fees as well as a portion of the Net Gaming Revenues derived from the online and retail sportsbook operations. PointsBet will be responsible for the licensing and regulatory costs in connection with launching and operating the PointsBet services.
Neither party may terminate for convenience during the term.
Upon expiry or termination, PointsBet and the Riverboat Group have negotiated rights related to retention and utilization of client data acquired during the term, with PointsBet retaining the right to utilise client data it has directly acquired via the online channels
PointsBet USA CEO, Johnny Aitken commented “With terrific partners in The Riverboat on-the-Potomac, PointsBet is thrilled to begin the process toward offering the passionate, sports-loving community of Maryland with the fastest and most differentiated sports betting product across every customer touchpoint.”
Winston DeLattiboudere, Co-Managing Member of the Riverboat Group added, “We’re excited about this new endeavour and are proud to be partnering with a company that understands and believes in the value of inclusiveness in every facet of the industry, from the owners to the bettors. I am also grateful to the Maryland General Assembly for passing legislation that helped to make this enormous opportunity a reality. We look forward to a future filled with phenomenal successes not only for our partners but for the citizens of Maryland and their communities”
The deal is subject to the receipt of necessary regulatory approvals and licensure.