PointsBet has secured a strategic partnership to give it access to the new Maryland sports betting market, it announced on Wednesday.
With the recent legalization of MD sports betting, hopeful sportsbooks are starting to jockey for position. PointsBet, an Australia-based company, has recently expanded its US footprint with various deals.
Now, it has targeted the promising Maryland market after striking a deal with Riverboat on the Potomac. The company is one of four licensed satellite simulcast facilities for horseracing, which are also called OTB (off-track betting).
Riverboat on the Potomac is located in Colonial Beach, Virginia. However, because Maryland owns the Potomac River, patrons are considered to be in MD once they take a few steps onto the riverfront property.
Now, the deal could provide PointsBet Sportsbook a way to provide online and retail sports wagering to Marylanders. And, of course, to plenty of nearby Virginians.
About PointsBet and Riverboat On The Potomac
Maryland voters green-lit sports betting during Election Day in November. Gov. Larry Hogan made it legal with his signature in May, and now, the fight for market share begins ahead of an expected fall launch.
With the new wholly-owned subsidiary PointsBet Maryland LLC, officials struck a 10-year deal with the Riverboat Group parent company.
The deal, of course, is subject to necessary regulatory approvals and licensure. However, for Riverboat On The Potomac, it comes with some perks.
PointsBet, for example, will cover all online and retail sportsbook market access fees. It’ll also cover licensing and regulatory costs.
Riverboat on the Potomac also will receive a portion of net gaming revenues from the sportsbook operations when they launch. However, officials didn’t disclose exact financial terms.
PointsBet USA CEO Johnny Aitken stated:
“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.”
Pointsbet’s focus on inclusion
Patrons have raved about Riverboat on the Potomac’s popular restaurant and bar. They also like the gorgeous views of the river, Maryland, and Virginia. The OTB aspect of the business proved a lifeline for the small business. That was especially true after Hurricane Isabel leveled the place in 2003 and forced a complete rebuild.
Penny Flanagan founded the bar, restaurant, and horse-racing OTB with her late husband. She’s now the only female OTB owner in Maryland, according to the company’s website.
PointsBet made special mention of the minority-owned small business when it announced the deal.
Winston DeLattiboudere, co-managing member of the Riverboat Group, stated:
““We’re excited about this new endeavor 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 which 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.”
PointsBet is also active in New Jersey, Illinois, Indiana, Colorado, Michigan, and Iowa. In all, it now has market-access deals with 16 US states, but not with nearby Virginia or Washington, DC, which also have legal sports betting.