PointsBet And Penn National Extend Market Access Deal For PA And MS

  • PointsBet and Penn National Gaming are extending their partnership.
  • This partnership will include the Philadelphia and Mississippi markets.
  • The two are partnered in seven states so far.

LAS VEGAS - PointsBet and Penn National Gaming have extended their partnership to Pennsylvania and Mississippi.

The two serve as an example of the relationship shared by USA online gaming providers in the age of legal sports betting.

The continued additions of Mississippi and Pennsylvania to the partnership profile will bring the total number of states the two are partnered in up to seven.

PointsBet itself is active in 14 separate US states after this deal, pending licensing and regulatory approval in Mississippi.

Penn National Gaming CEO Jay Snowden released a statement praising both the deal and the partnership with PointsBet.

“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,” said Snowden

“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.”

Similarly, the CEO of PointsBet, Sam Swanell, was also effusive in his praise of the deal, specifically the Pennsylvania portion of it.

“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 $1.75bn per annum,” said Swanell.

Swanell continued: “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."

Pennsylvania has become one of the hotbeds of newly legalized and regulated sports betting, despite taxing sportsbooks at a 36% rate.

PA’s market size has kept it profitable, and PointsBet is very interested in keeping this agreement going to maintain their access to the market.