First online operators in state
Australian sports betting operator PointsBet and Toronto-listed operator The Stars Group have become the first online operators to secure market access for sports betting and gaming in Michigan.
PointsBet has entered into a long-term partnership with the Lac Vieux Desert Band of Lake Superior Chippewa Indians in Michigan. Meanwhile, The Stars Group has joined forces with the Little Traverse Bay Bands of Odawa Indians.
first online operators to secure market access for sports betting and gaming in Michigan
However, both companies require a license and regulatory approval from the state before their online gambling services can be rolled out.
20-year deal for PointsBet
PointsBet has secured a 20-year deal, with the option of a five-year extension. There is a cancellation clause in place.
There is also a provision for PointsBet providing an online casino in due course. Upon the expiration or the early cancellation of this deal, PointsBet has the option to keep the rights for using the accumulated client data that it has gathered through its respective online channels.
The two parties are still in negotiations about the operation of the retail sportsbook. This would be at the Northern Waters Casino Resort in Watersmeet, which is owned and operated by the tribe.
Legal sports betting in Michigan
As little time has passed since the signing of this bill, regulations for the online gambling and sports betting markets still need to be developed.
PointsBet expansion into US market
PointsBet already has strategic partnerships in place with the Meadowlands Racetrack in New Jersey and New York’s Tioga Downs Casino. The company is now seeking to establish itself as a key player in the nascent sports betting sector.
PointsBet’s share price jumped 7% after the announcement was made
PointsBet CEO Sam Swanell spoke about how the company is delighted to be working with “such a forward-thinking tribe.” He is looking forward to having “many years of great success working together.”
PointsBet’s share price jumped 7% after the announcement was made. The company has been listed on the Australian Securities Exchange since the summer of 2019.
The Stars Group links with Odawa tribe
The operator of FOX Bet and PokerStars, The Stars Group, has entered into a partnership with the Little Traverse Bay Bands of Odawa Indians.
Subject to licensing, this will see The Stars Group provide online sports betting, poker, and casino games on behalf of the tribe.
FOX Bet CEO Robin Chhabra said: “We are excited to announce this agreement with the Odawa tribe, which further strengthens our market access as we work to continue to build our FOX Bet business into one of the leaders in the emerging US online betting and gaming market.”