PointsBet Announces Partnership with Twin River Worldwide Holdings, Inc. To Launch Online Casino Product in New Jersey

Rhea-AI Summary

PointsBet has partnered with Twin River Worldwide Holdings (TRWH) to launch its online casino product in New Jersey, pending TRWH's acquisition of Bally's Atlantic City Hotel & Casino. This multi-year deal will enhance PointsBet's offerings and follows its upcoming debut in Michigan. The casino will utilize PointsBet's proprietary technology, aiming to deliver a premium gaming experience. Twin River's CEO highlighted extensive property upgrades at Bally's, including renovations and improved amenities, aiming to compete effectively in New Jersey's mobile gaming market.

Positive

• Partnership with Twin River to launch online casino in New Jersey enhances PointsBet's market presence.
• PointsBet's proprietary technology promises a premium player experience.
• Anticipated property upgrades and enhancements at Bally's Atlantic City will potentially drive traffic.

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• None.

EXCHANGE PLACE, N.J., Aug. 6, 2020 /PRNewswire/ -- PointsBet (ASX: PBH), a premier global sportsbook operator, announced today that it has entered a multi-year partnership with Twin River Worldwide Holdings, Inc. (NYSE: TRWH). The partnership will lead to the launch of PointsBet's proprietary online casino product in the state of New Jersey, pending Twin River's completion of its acquisition of Bally's Atlantic City Hotel & Casino in Atlantic City, New Jersey, and obtaining the necessary regulatory licenses and approvals.

"PointsBet is thrilled to partner with Twin River to offer its flagship online casino product in New Jersey as a complement to its critically acclaimed sportsbook," noted Manjit Gombra Singh, PointsBet President of Product & Technology. "PointsBet continues to innovate and iterate upon its proprietary technology profile and this agreement is yet another signal that PointsBet remains focused on providing a modern gaming experience for modern times."

"PointsBet will be a great addition to our growing partnerships with innovative leaders around the world," says George Papanier, President and CEO of Twin River Worldwide Holdings. "Adding an exciting iGaming experience with such a prominent partner, as well as significant property upgrades to the Bally's facility, including renovated hotel rooms, a full-service spa, updated convention space, revitalizing the slot floor, and dramatically improving the food and beverage amenities, we have an ambitious plan to fundamentally transform the property." says Papanier. "We are also extremely excited to have the opportunity to participate in the best-in-class mobile gaming environment that New Jersey has created and that we believe will bring new and innovative offerings to the market."

The New Jersey launch of PointsBet's online casino product will be a fast follow of its debut in the state of Michigan, expected in the second half of 2020. PointsBet online casino will feature the operator's custom-built proprietary casino technology, modernized and premium brand mentality, and proven growth marketing strategies that PointsBet customers have come to know and expect.

"We are proud to offer a premium player experience with PointsBet's own technology and in-house operations. Our end-to-end ownership of the underlying platform enables us to offer a differentiated product on our own timeline, scale economically across jurisdictions, and improve client experience with rich data insights," said Seth Young, PointsBet Chief Innovation Officer. "PointsBet's approach is unique and competitively advantageous. We look forward to working closely with Twin River and illustrating for the online consumer a premium product experience with rich content, speed and ease of use powered by our modern platform."

Originally founded in Australia, PointsBet made its U.S. debut in January 2019 and features an easy-to-use app, providing bettors with fast and seamless access to the most markets for wagering in the world, powered by its proprietary technology. PointsBet is the only U.S. provider of the revolutionary PointsBetting product, which rewards players exponentially the more correct their wagers are.

About PointsBet
Launched in the United States in January of 2019, PointsBet is one of the fastest growing sportsbooks in the country and is rapidly expanding its U.S. footprint. Originally founded in Australia, PointsBet is a cutting-edge sportsbook operator that prides itself on having the quickest and most user-friendly app (iOS and Android) while also providing the best content and experience for sports bettors. PointsBet is the only U.S. online bookmaker to offer PointsBetting – a unique and innovative way to bet – and has also introduced a slew of well-received, bettor-first initiatives. PointsBet offers the most markets on all four major U.S. sports (NFL, NBA, MLB, NHL) and PointsBetting in the world. PointsBet announced the company's Initial Public Offering on the Australian Securities Exchange on June 12, 2019. For more information, visit www.PointsBet.com.

About Twin River Worldwide Holdings, Inc.
Twin River Worldwide Holdings, Inc. owns and manages nine casinos, two in Rhode Island, two in Mississippi, one in Delaware, one in Missouri and three casinos as well as a horse racetrack that has 13 authorized OTB licenses in Colorado. Properties include Twin River Casino Hotel (Lincoln, RI), Tiverton Casino Hotel (Tiverton, RI), Hard Rock Hotel & Casino (Biloxi, MS), Casino Vicksburg (formerly Lady Luck Casino Vicksburg in Vicksburg, MS), Dover Downs Hotel & Casino (Dover, DE), Casino KC (formerly Isle of Capri Casino in Kansas City, MO), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO). Its casinos range in size from 603 slots and 8 electronic table games to properties with over 4,100 slots, approximately 125 table games, and 48 stadium gaming positions, along with hotel and resort amenities. Its shares are traded on the New York Stock Exchange under the ticker symbol "TRWH."

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SOURCE PointsBet

FAQ

What is the partnership between PointsBet and Twin River Worldwide Holdings?

PointsBet has entered a multi-year partnership with Twin River to launch its online casino product in New Jersey.

When will PointsBet's online casino product launch in New Jersey?

The launch is pending the completion of Twin River's acquisition of Bally's Atlantic City Hotel & Casino and necessary licensing.

What are the anticipated features of PointsBet's online casino in New Jersey?

PointsBet's online casino will utilize its proprietary technology, offering a premium player experience with various gaming options.

How does this partnership affect the TRWH stock?

The partnership enhances TRWH's market potential as the company upgrades its Bally's facility and expands its gaming offerings.