On-line bookmaker PointsBet is increasing its footprint in america, beneath a brand new horseracing partnership with American racing behemoth The Stronarch Group.
The deal between The Stronarch Group’s 1/ST and ASX-listed PointsBet’s subsidiary Premier Turf Membership will enable PointsBet customers to hold out advance deposit betting in 30 US states from 2023. 1/ST will develop the horse racing betting product, which shall be built-in throughout the current PointsBet sports activities guide app.
PointsBet chief government officer Sam Swanell mentioned he was assured within the group’s capability to transition current sports activities punters into racing bettors.
“Our Australian racing expertise reveals we all know the right way to convert bettors to develop a brand new viewers. We expect that is the most effective racing product within the US and the regulatory price is kind of low,” Swanell mentioned.
PointsBet is presently the seventh-largest operator in America’s $13 billion-a-year sports activities betting market, with a 3.7 per cent share and is operational in 12 US states. By the point of the launch in early 2023, PointsBet can have the licence to function horse racing betting in 31 states, most of which don’t presently supply sports activities betting and likewise hopes to develop its sports activities betting to 14 states, having utilized for licenses in Maryland and Ohio.
New Jersey is the one operational state which won’t function horse racing subsequent yr because the state has a single-tote licence, obtained in a 10-year take care of PointsBet’s rival BetMakers in 2020.
The US sports activities betting market is predicted to develop as extra states legalise the exercise. US horse racing is predicted to develop to greater than $3 billion in yearly gross income by 2026, up from its current $2 billion.
Swanell mentioned PointsBet is banking on mounted odds betting to develop within the US because the market matures, for its early funding to be rewarded.
“It’ll develop in time identical to it did in Australia after the bookies got here in about 2008,” he mentioned.