PointsBet (ASX:PBH) partners with Cliff Castle Casino Hotel, Arizona
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PointsBet's (PBH) subsidiary, PointsBet Arizona, has entered an exclusive agreement with Cliff Castle Casino Hotel.
The Arizona-based casino is owned by the federally recognised Yavapai-Apache Nation and is a family-friendly venue that offers Las Vegas-style blackjack and slot machines including electronic roulette.
In addition, the venue offers a 20-lane bowling centre, child care and an arcade, as well as multiple restaurants and family dining. The hotel portion of the venue features 122 luxury suits and rooms, a pool, event centre, coffee shop and a 300-space parking garage.
Under the 10-year agreement, PointsBet and the Yavapai-Apache Nation will pursue a 'first skin' licence to operate sports betting in Arizona through PointsBet's mobile app and website platforms.
The corporate bookmaker's platform offers clients innovative sports and racing wagering products such as Fixed Odds Sports, Fixed Odds Racing and PointsBetting.
This agreement follows the Arizona Government legalising online sports betting in April this year. The Sports Wagering Act allows for up to 20 sportsbooks to operate in the state.
PointsBet US CEO Johnny Aitken said he was thrilled to have signed the partnership.
"We look forward to quickly and responsibly introducing sports bettors and fans to the competitive advantages PointsBet possesses in owning our technology end-to-end, such as market-leading ease of use and the deepest slate of betting options available in the world," Mr Aitken said.
PointsBet will pay the Yavapai-Apache Nation a market access fee and a portion of the net gaming revenues that come from the online sportsbook operations. The company will also allocate an agreed amount to create a branded retail sportsbook at the Cliff Castle Casino Hotel. This PointsBet-branded sportsbook will be operated by the Yavapai-Apache Nation.
The ASX 200-lister has also committed to making an annual donation to a public interest fund that benefits the youth of the Yavapai-Apache Nation.
Company shares are up 2.86 per cent to trade at $11.85 at 11:23 am AEST.
