New deals in place
Penn National Gaming has announced several new partnership deals which will extend its reach within the US sports betting market. The casino operator has signed agreements with major betting companies including DraftKings, PointsBet, The Stars Group, and theScore.
Penn National also announced a new deal with Kambi Group plc for their land-based and online sports betting operations.
Penn National Gaming will be working with theScore, a digital sports media company, to provide partners with access to sports wagering markets in the United States. The casino operator will earn fees, equity, and a share of betting revenues as part of the deal.
The agreement will see theScore operate its mobile application in 11 states where sports betting is either already legalized or will be shortly. The app is still a work in progress and has yet to launch.
theScore is also constructing a new sportsbook in New Jersey, which is set to open by the upcoming NFL season. The deal with Penn National allows theScore to challenge top sports wagering companies DraftKings and Fanduel, who also operate in the Garden State.
Founder and chief executive of theScore, John Levy, said: “We are thrilled that Penn National believes in, and has invested in, our vision of an integrated approach to media and sports betting.” He added:
We can’t wait to unveil the best-in-class mobile betting experience that we’ve been building for sports fans.”
Details of partnership terms
By partnering with Penn National, DraftKings, The Stars Group, and PointsBet will greatly extend their operations in the US.
The DraftKings partnership provides the company with access to seven new states, including West Virginia and Pennsylvania. The agreement is a ten-year revenue-sharing deal.
With The Stars Group, nine states are included, which gives the brand access to 20 states in total. With this agreement, Penn will be given a revenue share as well as a payment of $12.5m upfront. Even more payments may be made in the future as The Stars Group launches sports betting products in new states.
PointsBet gives Penn National access to five states. The brand has also secured the right to be the first to offer new services for any new states that may open up to sports wagering.
Long-term agreement with Kambi
Penn National has chosen sports betting supplier Kambi Group as its platform provider. The long-term agreement signed by the two companies will see the Kambi Sportsbook platform become integrated within land-based and online properties of Penn National in areas with legalized sports betting.
Kambi Chief Executive Officer Kristian Nylén said they’re honored to be working with Penn National, and look forward to helping it “become a national leader in the US sports betting market in the coming years.”