PointsBet enters into betting partnership with Maryland casino
PointsBet has secured market access in Maryland after announcing a strategic partnership with The Riverboat on-the-Potomac.
According to a PointsBet press release published on Twitter by Alfonso Straffon (@astraffon), the company entered into an agreement with the Riverboat on-the-Potomac to provide online and retail sports wagering in the state.
— Alfonso Straffon 🇨🇷🇺🇸🇲🇽 (@astraffon) June 9, 2021
Gov. Larry Hogan signed Maryland’s sports betting bill into law on May 18 after months of legislative debate and planning, officially legalizing in-person and online sports betting in the state.
The bill approves 60 mobile sports betting licenses and qualifies remaining licenses into two classes; A licenses and B licenses. A license will be the state’s larger casinos, horse racetracks and professional sports teams.
A 10-year agreement
The Riverboat on-the-Potomac is located in Colonial Beach on the Virginia side of the Maryland owned Potomac River. While the Riverboat on-the-Potomac is moored in Virginia, the riverboat’s betting lounge is located over the Maryland state line.
According to the release, the initial agreement is for 10 years but is subject to regulatory approvals and licensure.
PointsBet will pay the Riverboat on-the-Potomac online and retail sportsbook access fees as well as a percentage of all sports betting revenue generated at the casino. PointsBet will also be responsible for all fees connected with launching and operating PointsBet gambling services.
Other Maryland sports betting partnerships
On May 27, Penn National Gaming received final regulatory approval to acquire the Hollywood Casino Perryville facility. The company acquired the casino for $31.1 million and will assume the annual rent of approximately $7.77 million.
The transaction is expected to close in mid-2021, subject to customary closing conditions.
It’s a safe bet to assume Penn National Gaming will apply for a Type A license for the casino for its Barstool Sportsbook app. A brick-and-mortar sportsbook, coupled with an online Barstool sportsbook app, is expected.
Maryland Live! in Hanover also announced the opening of Sports and Social in early May, a new $15 million, 212-seat, 13,775-square-foot facility that will serve as the casino’s sportsbook when Maryland sports betting begins, according to a company press release.
Maryland Live! has an active partnership with FanDuel. The venue will provide guests with multiple options to wager, including self-serve kiosk and retain windows.
Several other partnerships currently exist in the state, as MGM National Harbor Casino in Baltimore is associated with its own national BetMGM sportsbook, and Caesars Entertainment, which recently acquired William Hill, owns Horseshoe Baltimore Casino.
Maryland officials are hopeful sports betting in the state will begin as early as the World Series, or at the very latest Feb. 13, 2022, the date of Super Bowl LVI.