PointsBet Gets Sports Betting Market Access in Maryland

  • PointsBet has partnered with Riverboat on the Potomac in a ten-year agreement
  • This deal will see PointsBet launch a retail and online sportsbook, pending regulatory approval
  • Both parties welcomed the partnership and the legalization of sports betting in the state
  • Governor Larry Hogan signed sports betting legislation into law on May 18
Fans waving Maryland flags
PointsBet now has access to the Maryland sports betting market after entering a deal with Riverboat on the Potomac. [Image: Shutterstock.com]

Retail and online operations

PointsBet has secured market access to the sports betting market in Maryland. The operator announced on Thursday that its PointsBet Maryland LLC subsidiary has entered into a ten-year deal with Riverboat on the Potomac (Riverboat Group). This deal means that PointsBet will now have access to the retail and online sports betting markets in Maryland, once it gets approval from the regulators.

Riverboat on the Potomac is one of four off-track betting facilities for simulcast horse racing in the state. It is found on the Maryland side of the Potomac River, but it moors in Virginia. It pays its gaming revenue taxes to Maryland as it operates inside state lines.

As part of the agreement, PointsBet will pay market access fees to the Riverboat Group for both the retail and online sportsbooks. It will also give the Riverboat Group a cut of its net gaming revenues. PointsBet will take care of the regulatory and licensing costs associated with the sportsbook operations. At the end of the partnership, PointsBet will be able to use the client data it has acquired directly through online channels.

Excitement for the new opportunity

Commenting on the partnership with Riverboat on the Potomac, PointsBet USA CEO Johnny Aitken said: “PointsBet is thrilled to begin the process toward offering the passionate, sports-loving community of Maryland with the fastest and most differentiated sports betting product across every customer touchpoint.”

PointsBet already holds sports betting licenses in New Jersey, Iowa, Illinois, Indiana, and Colorado.

understands and believes in the value of inclusiveness in every facet of the industry”

Riverboat Group co-managing member Winston DeLattiboudere echoed these comments about this new partnership. He said that the group is “proud to be partnering with a company that understands and believes in the value of inclusiveness in every facet of the industry, from the owners to the bettors.”

He also thanked the Maryland General Assembly for pushing through legislation to legalize sports betting. DeLattiboudere believes that this new sector will help the citizens and communities in the state.

Legal sports betting coming to Maryland

Sports betting became legal in Maryland on May 18 after Governor Larry Hogan signed legislation into law. Maryland residents had voted in favor of legalization in November 2020 and the hope is that sportsbooks will be able to go live in the fall.

Casinos in the state have ten licenses available to them, 30 class B retail licenses are up for grabs, and another 60 are open for online operators. The framework allows the state’s professional sports teams to open retail sportsbooks, in addition to the casinos and racetracks.

Sportsbooks such as FanDuel, DraftKings, Barstool Sports, and BetMGM have all already signaled their intentions to launch in the state. Sports betting revenue will face a 15% tax rate; the state estimates it will generate about $20m each year from this tax.

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