Exclusive US agreement brought PointsBet to a new level

Oliver Noah

Exclusive US agreement brought PointsBet to a new level

The gambling sector is one of the fastest expanding industries. It keeps evolving and expanding through the countries extremely rapidly. The gambling industry is always active and mainly focused on the development of new features, games, and offers for the customers. Many people are attracted to the industry and even more, will be attracted to the expansion of the sector. 

Different companies and gambling operators try to make new negotiations and partnerships in order to make casinos and online casinos more fascinating for the customers. This is a very organic flow for the casinos, as they always want to keep up with the tendencies and the competition for the leadership is very high.

PointsBet Holdings Ltd is one of the biggest Australian betting operators. It has become known that the shares will be on a watch that is followed after the positive announcement. The announcement made by the company is that they entered into an exclusive 20-year agreement with Lac Vieux Desert Public Enterprise and Finance Commission or shortly the LVD. 

The New Agreement 

Pointsbet shares have increased 7% the day when the announcement was made. This is all due to the company’s US-focused policy and the front made moves. Despite the American expansion, the sports betting company is from Australia and they began trading on the Australian Securities Exchange back in 2019. 

According to the agreement that has been signed between the two parties, the tribe is federally recognized. Therefore PointsBet will be able to operate online and mobile sportsbooks in the territory of Michigan contingent upon the issuance of all the necessary licenses from the state’s competent regulatory bodies.

It has also been announced recently that the Michigan governor, Gretchen Whitmer has signed on December 20, 2019, a bill. The bill is legalizing digital sports betting and online gambling. This so far has been one of the most rigid moved towards the establishment of the state’s wagering market. Despite the legalization process being set up, the specific date for the first legal sports betting operation is yet unknown. 

The bill did not specifically legalize retail betting, though lawmakers said they would be able to authorize wagering at brick-mortar sportsbooks this year without any significant issues and problems, basically without any additional ana extra words. With the bill being signed, Michigan will be the latest state that Pointbet will be able to enter through a strategic partnership. The company has set deals with some other operators, such as Penn National Gaming and Tioga Downs Casino, in order to expand the operations and the market itself. With the deals and strategic partnerships, PointBet became one of the biggest and expanded gambling operators across regulated sports betting markets. 

The Big Deal 

The deal between the Tribe and Pointsbet has been signed. The agreement is for 20 years, with the option of expanding the agreement for 5 more years, unless one of the parties decides to cancel the dial. According to the deal, both companies will offer online and mobile PointBet branded sportsbooks through LVD’s online licenses. Not only is it about the sportsbook, but about online casino gambling as well. 

In case of the expiry of the agreement or the termination two companies have agreed on the condition of retaining the right to use client data, in case it has directly been acquired via the digital channels through which it will be providing sports betting and casino gaming products. 

There is one more negotiation pending. This concerns PointsBet and LVD relating to the operation of a retail sportsbook at Northern Waters Casino Resort in Watersmeet, Michigan. The property is now owned and operated by the Lac Vieux Desert Band of Lake Superior Chippewa. The final result of the negotiation is yet unknown.

Several comments have been made regarding the recently inked agreement by the PointsBet CEO, Sam Swanell. He said that it is a pleasure to have to deal with the very forward-thinking tribe and they hope to have successful cooperation in Michigan.