PointsBet first to sign with BetMakers for US Horse Racing
- PointsBet USA becomes first wagering operator to partner with BetMakers in New Jersey
- Follows BetMakers' 10-year exclusive agreement to manage Fixed Odds in New Jersey
- PointsBet USA to bet Fixed Odds on Domestic and International horse racing
This deal follows the announcement on 10 June 2020 by BetMakers for "on-course" management of Fixed Odds on behalf of the New Jersey located Monmouth Park Racetrack ("Monmouth Park").
PointsBet is the first online bookmaker to sign up to the Global Racing Network which will allow it to conduct Fixed Odds betting on horse racing in the U.S market. The Company believes this deal is the first of its kind in the United States.
As announced on 5 February 2020, BetMakers, through BDNA, has secured an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC., the operator Monmouth, to deliver and manage Fixed Odds horse racing in New Jersey.
Today's announcement formalises commercial terms for PointsBet USA, under BDNA's agreement, to offer Fixed Odds betting in New Jersey.
Seth Young, Chief Innovation Officer PointsBet USA, said: "Securing an agreement with BetMakers is a major step in what we believe to be an important strategy for our U.S. plans. We understand horseracing and we intend to capitalise on this expertise as we roll out racing products into the U.S. market, starting in New Jersey."
Dennis Drazin, CEO Monmouth Park, commented: "As a business, Monmouth Park is foremost looking forward to revenue opportunities immediately presented by PointsBet USA signing as the first operator to offer Fixed Odds betting in New Jersey through our exclusive partnership with BetMakers. More broadly, through the BetMakers agreement, we see the Fixed Odds betting type as having great potential for horseracing to be a preferred wagering choice across the U.S, which can increase both the profile of Monmouth Park and horseracing in general."
New Jersey has been one of the pioneers for Fixed Odds sports betting in US, with latest sports betting annual turnover reported at more than $US4.5 billion. Legal Fixed Odds betting on horse racing has not been offered previously in the US market.
Under terms of the deal with PointsBet USA, BDNA will also provide its leading-edge wagering technologies for PointsBet's racing solution. This includes BetMakers' data and pricing solution through Global Betting Services, which allows PointsBet to offer U.S. customers a similar offering to its Australian customers.
Sam Swanell, CEO PointsBet, said: "We look forward to working with BetMakers for our entry into the U.S. horseracing market, which we believe is a big opportunity. BetMakers have been great product and technology services suppliers as well as being overall supporters of our Australian operation, and we see them as an important solution for our U.S. progression."
Todd Buckingham, CEO BetMakers, commented on the deal: "The deal with PointsBet completes an approved and regulated end-to-end supply chain model to launch Fixed Odds betting into the U.S. market for the first time. The stage is now set for first Fixed Odds bets to be taken on horseracing in the U.S. and there are two reasons we believe this can be successful. Firstly, we have seen that U.S. punters have shown an appetite for Fixed Odds on other sports through their $4.5 billion annual turnover in New Jersey, and secondly because we have seen the strong trend in Australia that has seen Fixed Odds betting become the dominant type of betting option preferred by punters. BetMakers sees PointsBet as a perfect partner to launch Fixed Odds in the U.S. We have a great working relationship with PointsBet and as one of the fastest growing wagering companies in the Australian market, we don't see any reason why this would be any different in the U.S."
Mr Buckingham added:
"To begin with, PointsBet USA will be able to offer Fixed Odds betting in New Jersey on all Monmouth Park race meetings across its season, which has just commenced. Under BetMakers' exclusive 10-year agreement to manage and distribute Fixed Odds in New Jersey, any other racing body or rights holder in the world that wishes to supply its content to BetMakers for distribution into this market can sign commercial agreements to monetise their existing product in a new market. BetMakers is currently working with rights holders and racing bodies from other jurisdictions, including Australia, that are looking to offer their own racing content to be available for Fixed Odds betting to New Jersey residents through licensed operators."
"We look forward to updating the market as new tracks sign up and new operators sign up to what we believe will be a significant market in New Jersey."
The Company is unable to provide guidance on the potential revenues under the Agreement, however, the Board of BetMakers considers the Agreement to be qualitatively material to the Company on the basis that the Agreement is in respect of the first wagering operator to sign on with BDNA to operate Fixed Odds in New Jersey.
To view the Material Terms, please visit:
About Betmakers Technology Group Ltd
Betmakers Technology Group Ltd (ASX:BET) (FRA:T07) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
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