PointsBet Holdings (ASX:PBH) secures online betting deal in Michigan

Company News

by Rachael Jones

PointsBet Holdings (ASX:PBH) today announced it has entered into an exclusive 20-year agreement with Lac Vieux Desert Public Enterprise and Finance Commission (LVD).

They are an arm and instrumentality of and organized under the laws of the Lac Vieux Desert Band of Lake Superior Chippewa Indians, a sovereign federally recognized Indian tribe.

They will provide online and mobile sports wagering and gaming (casino) in the State of Michigan, contingent upon obtaining the necessary regulatory licenses.

On 20 December 2019, Michigan Gov. Gretchen Whitmer signed legislation allowing both sports betting and online gaming in the State.

PointsBet and LVD will now work in tandem to offer online and mobile sports wagering and online gaming (casino) services through LVD’s online licenses.

Shares in PointsBet Holdings (ASX:PBH) closed 1 per cent higher at $4.95 on Friday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.