Australian sports betting operator PointsBet has signed a long-term wagering agreement with Michigan’s Lac Vieux Desert Band of Lake Superior Chippewa Indians that will enable the company to enter the state’s nascent digital gambling market.
Under the agreement with the federally recognized tribe’s Lac Vieux Desert Public Enterprise and Finance Commission (LVD), PointsBet will operate an online and mobile sportsbook on the territory of Michigan contingent upon the issuance of the necessary licenses from the state’s competent regulatory bodies.
Michigan Governor Gretchen Whitmer signed on December 20, 2019 a bill legalizing digital sports betting and online gambling. Gov. Whitmer’s signature paved the way for the establishment of the state’s wagering market, but it is yet to be seen when exactly first legal sports betting operations will go live.
The measure did not specifically legalize retail betting, but lawmakers said they would be able to authorize wagering at brick-and-mortar sportsbooks this year without any significant issues.
Michigan will be the latest state that PointsBet will be able to enter through a strategic partnership. The company has clinched deals with casino and racetrack operator Penn National Gaming as well as with Tioga Downs Casino in New York and the Meadowlands Racetrack in New Jersey to expand its presence across regulated sports betting markets within the US.
The Michigan Deal
PointsBet has signed a 20-year agreement with LVD with the option for a five-year extension, unless either party provides written intention to cancel the deal. The two companies will offer an online and mobile PointsBet-branded sportsbook through LVD’s online licenses.
The agreement also includes online casino gambling. As mentioned above, the recently signed legislation authorized that activity, as well.
Upon termination or expiry of the recently inked deal, PointsBet and LVD have agreed that the sports betting operator will retain the right to use client data it has directly acquired via the digital channels through which it will be providing sports betting and casino gaming products.
It also became known that PointsBet and LVD are in negotiations relating to the operation of a retail sportsbook at Northern Waters Casino Resort in Watersmeet, Michigan. The property is owned and operated by the Lac Vieux Desert Band of Lake Superior Chippewa.
Commenting on further expanding in the US, PointsBet CEO Sam Swanell said that they are pleased to have reached an online sports betting and online casino agreement with “such a forward-thinking tribe” and that they look forward to “many years of great success working together in Michigan.”
PointsBet shares soared 7% today on news about the company’s new US-focused sports betting partnership. Despite its predominantly American expansion focus, the sports betting operator hails from Australia. It began trading on the Australian Securities Exchange in the summer of 2019.
Source: PointsBet (ASX:PBH) to provide online sports wagering and gaming in Michigan
Follow us on Facebook and Twitter to stay up to date on the day’s top casino news stories
