Online bookmaker PointsBet Holdings (ASX:PBH)
has secured a deal to purchase US account wagering platform Premier Turf Club for $3.7 million, upscaling the operations of the ASX-listed business’ US subsidiary.
Under the agreement, PointsBet US will gain entry into the Oregon racing market through Premier Turf Club’s bookmaking license under the Oregon Racing Commission. The transaction is pending satisfaction of customary completion conditions by both parties.
The newly attained rights will enable Pointsbet to expand its betting operations in the US racing industry, which generates an estimated annual revenue of $15 billion on average. The industry’s online wagering market covers races in the thoroughbreds, harness, and greyhounds categories.
Pointsbet US emphasised the significance of the takeover, “The combination of Premier Turf Club’s excellence in the space with PointsBet’s mature market Australian racing expertise favourably positions us as we prepare to enter the US horseracing market”.
Premier Turf Club’s 13 years of experience in active advance deposit wagering is expected to enhance Pointsbet’s existing comprehensive suite of gaming and betting services such as a fixed-odds sportsbook and digital casino.
The 2.8 billion online wagering business has also underscored PTC’s customer-centric philosophy, established industry standing and extensive insight about the US racing market as other factors leading to the transaction.
The acquisition will result in the transfer of Premier Turf Club’s general manager Todd Bowker to PointsBet USA as vice president of racing.
Shares in Pointsbet Holdings (ASX:PBH)
are trading 0.3 per cent higher at $13.60