PointsBet now has market access in 14 states and is live in Colorado, Illinois, Indiana, Iowa, New Jersey and Michigan. As part of the extension with PNG, PointsBet will pay PNG a portion of the net gaming revenues derived from each additional state.
In a press release, PointsBet Group Chief Executive Officer Sam Swanell expressed his excitement with the addition of two guaranteed online market access points and a robust estimated sports betting and iGaming market in Pennsylvania:
A mature, total addressable sports betting and iGaming market in Pennsylvania is estimated to be over $1.75 billion per annum.
PointsBet entered into an agreement with NBC Universal this past August to become the official sports betting partner of NBC Sports. NBC Sports Philadelphia owns the in-game broadcast rights to the Flyers, 76ers and Phillies and covers over 290 live events per year across 4.1 million households in the region, Swanell stated in the release.
The company will be responsible for licensing and approval costs in connection with launching and operating the PointsBet services in both states.
Its entry into the PA online sports betting market should be especially key, given its early success in neighboring New Jersey.
PNG President and Chief Executive Officer Jay Snowden expressed his pleasure with the market access partnership:
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
Mississippi only currently offers sports betting in its retail sports books and has yet to approve mobile sports betting.