Penn Inks 20 Year Deal With Draftkings, Others for Sports Betting
Penn National has forged a 20-year deal with Draftkings, the Stars Group, PointsBet, theScore, and Kambi to provide sports betting. It is being called one of the biggest sports betting deals in the US to date.
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Kambi replaces William Hill as Penn National's primary software provider.
“In Penn National, we have found an ideal partner – one that is not only passionate about providing high quality sports wagering experiences to its customers, but a company that adheres to the highest level of ethical business standards,” Kambi CEO Kristian Nylén said.
Kambi expects to open its first Penn sportsbooks Indiana and Iowa in Q3 of this year, which would be prior to October 1 if all goes according to plan. Online sports betting could come as early as 2020.
“We’re pleased to be providing the top names in sports betting,” Penn’s SVP of Interactive Gaming Jon Kaplowitz said. “iGaming and poker access to our Company’s non-primary licenses to conduct these operations in exchange for a combination of upfront cash and equity, one-time market access fees and ongoing revenue sharing.”
A stock reshuffle will grant Penn 10,372,549 shares in PointsBet as part of the agreement. The Australian-based sports betting firm will gain entry into the newly open Indiana market.
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Under the terms of the agreements, each “skin” partner will have the option to own, operate, and brand real-money online sports betting, poker, and casino offerings in each of the states outlined below, pursuant to a first, second or third skin, as applicable, and subject to license availability, state law, and regulatory approvals. DraftKings: PointsBet: theScore: The Stars Group: |
TheScore has also scored big as part of the deal. They will run skins in these states:
Kansas (3)
Michigan (3)
Louisiana (1)
Maine (3)
Massachusetts (3)
Mississippi (1)
Iowa (2)
Indiana (2)
Missouri (2)
Ohio (2)
Texas (2)
theScore founder and CEO John Levy expressed his own excitement with the newly-struck partnership:
“We are thrilled that Penn National believes in, and has invested in, our vision of an integrated approach to media and sports betting and we can’t wait to unveil the best-in-class mobile betting experience that we’ve been building for sports fans.”
Draftkings will finally be coming to Pennsylvania as part of the deal. They will also gain entry into Indiana. Florida would be another feather in their cap should sports betting ever become legalized in the Sunshine State. Penn National owns and operates the Sanford–Orlando Kennel Club – Longwood, Florida.
CBO Ezra Kucharz said of the deal:
“With dozens of states having already legalized sports betting or poised to do so in the near future, this expanded partnership ensures DraftKings is positioned to quickly enter new markets. Penn National Gaming brings tremendous resources, people and experience to the partnership and, as we finalized the terms of the deal, it was abundantly clear there is a real synergy between our two companies that bodes very well for the future.”
- Aaron Goldstein, Gambling911.com
