PointsBet extends agreement with Penn National Gaming

PointsBet and Penn National Gaming have agreed to extend the Online Gaming Services Agreement dated 31 July 2019 to provide PointsBet with online sports betting and iGaming market access in Pennsylvania and Mississippi.

The extended agreement expands PointsBet's United States sports betting footprint to 14 States, subject to enabling legislation in Mississippi and licensure in each of those States. PointsBet will be responsible for all licensing and approval costs in connection with launching and operating the PointsBet services and will pay Penn National Gaming a portion of the Net Gaming Revenues derived from each additional state.

 "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”, said PointsBet Group Chief Executive Officer Sam Swanell.

“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”, added Penn National Gaming President and Chief Executive Officer Jay Snowden.