PointsBet secures partner for Illinois sports betting
Australian operator announces 20-year deal Hawthorne Race Course covering retail, OTB and online betting
PointsBet has partnered with Illinois’ Hawthorne Race Course to offer sports betting on track, at OTBs around the state and online.
The twenty-year agreement marks the first major betting partnership announced in Illinois since the state governor signed the betting authorization bill this week.
Under the terms of the agreement, Pointsbet will pay a market access fee and a portion of NGR, with the two companies committing to investing an agreed amount in creating a retail book 8.5 miles from downtown Chicago.
The Australian bookie also confirmed the mobile/online product it will launch will be PointsBet-branded, likely with a “by Hawthorne” suffix.
PointsBet US CEO Johnny Aitken hailed Hawthorne as an “iconic” part of the Chicago sports scene, while Hawthorne president Tim Carey welcome the “historic” opportunity presented by sports betting.
“Its an opportunity we won’t take lightly and that’s exactly why we chose PointsBet as our partner,” Carey said.
“Our business has survived because we put players first and PointsBet has proven they do as well. That is how we are going to succeed together.
The partnership runs 20 years from the date the first bet is struck, likely early next year according to Illinois estimates, with a mutual option to renew after ten years.
PointsBet has made a name for itself in New Jersey for its willingness to stand large bets and its ‘good karma’ pay-outs.
The firm recently floated a third of the business on the Australian stock exchange, with the IPO valuing the firm at around $200m.