PointsBet announced it has secured a partnership with The Riverboat-on-the-Potomac, which will allow the online gaming operator to offer online and retail sports wagering in the newly regulated market of Maryland.
PointsBet Secures Launch Only Month After Sports Wagering is Approved in Maryland
Sports betting operator PointsBet inked a ten-year agreement with the Riverboat Group to provide online and retail sports betting services in Maryland, the company announced in a press release on Wednesday.
The Riverboat-on-the-Potomac, an off-track betting facility in Charles County, Maryland, will collaborate with PointsBet once the deal receives a green light by regulators. Sports betting got an approval from Maryland voters in November last year, while Gov. Larry Hogan signed legislation allowing both online and retail sports wagering in the State on May 18. Live retail wagering is expected to launch in the upcoming months.
The initial duration of the deal is ten years and requires PointsBet to pay market access fees, as well as a part of its net gaming revenues to The Riverboat-on-the-Potomac. PointsBet will also be in charge of the licensing and regulatory expenses derived from the launch of its activity. The agreement cannot be terminated prior to its expiry date by none of the parties.
Maryland’s Inclusive Market Provides Opportunities for Growth
Winston DeLattiboudere, co-managing member of the Riverboat Group, welcomed the new agreement and recognized PointsBet not only as an international leader, but as an “industry trailblazer” as well. DeLattibouder added that the deal with the Riverboat-on-the-Potomac is an outstanding example of diversity and inclusion of Minority Business Enterprises (MBE) all over the USA.
“We are proud to be partnering with a giant that understands and believes in the value of inclusiveness in every facet of the industry, from the owners to the bettors. Moreover, I am so grateful to the Maryland General Assembly for passing legislation which helped to make this enormous opportunity a reality.”
PointsBet has another partnership in place with Hawthorne Race Course in Chicago for the provision of retail sports wagering services at Off Track Betting (OTB) locations in Illinois. PointsBet is also active in the sports wagering sector in Colorado, Indiana, Iowa, Michigan, and New Jersey.
Maryland will welcome up to 60 digital sports betting licensees under the new law. The market will be quite inclusive and will be open for various establishments, such as the state’s pro teams, existing casinos, horse racetracks, as well as local amusement centers and bars and restaurants.