PointsBet Gains Pennsylvania, Mississippi Market Access In Expanded Penn National Deal

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PointsBet now has market access in Pennsylvania and Mississippi.

The company gains sports betting and iGaming in Pennsylvania. In Mississippi, only retail sportsbooks enjoy legalization.

The access comes from an extension of a previous agreement with Penn National Gaming announced Thursday by PointsBet.

PointsBet and Penn National relationship grows

PointsBet has market access to 14 states, seven of which come via Penn National. Penn’s primary sports betting brand is Barstool Sportsbook, which is live in three states.

PointsBet currently live in:

The Australia-based operator will pay for licensing and approval costs to launch the services. It also will pay Penn National a percentage of gaming revenue.

“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,” Penn National President and CEO Jay Snowden said in a statement. “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.”

Pennsylvania access a key market

PointsBet Group CEO Sam Swannell pointed out the importance of the Philadelphia market in the release announcing the deal.

The operator has a broader partnership with NBC UniversalNBC Sports Philadelphia gives PointsBet more than 290 Phillies, 76ers and Flyers games to connect with sports fans.

“A mature, total addressable sports betting and iGaming market in Pennsylvania is estimated to be over $1.75 billion per annum,” Swannell said.

A continued US push

Last week, PointsBet announced the $43 million acquisition of Banach Technology.

The company aims to lead on in-play sports wagering in the US with the addition.

Swannell also recently noted the company’s bullishness on potential access to New York and Canada. It has second-skin access in New York, if the state opens up online betting that far.

In the six months ending December 31, PointsBet’s US handle was $649 million, up 345% year-over-year. Gross revenue in the period was $17.7 million, a 92% increase.