nline bookmaker PointsBet Holdings has secured a deal to purchase US account wagering platform, Premier Turf Club (PTC), for $3.7 million, upscaling the operations of the ASX-listed business’ US subsidiary, the company said in a press release.
The transaction is subject to customary completion conditions and is expected to close later this month.
Premier Turf Club is licensed in Oregon by the Oregon Racing Commission and is set to situate PointsBet within the growing US online racing market, thoroughbreds, harness, and greyhounds, as the company continues its expansion across the United States.
Premier Turf Club has been in business for over 13 years with the website BetPTC.com, overseen by General Manager and industry executive Todd Bowker who will become the Vice President of Racing for PointsBet USA.
PointsBet USA CEO Johnny Aitken, said: “PointsBet is very pleased to join forces with Premier Turf Club. The combination of Premier Turf Club’s excellence in the space with PointsBet’s mature market Australian racing expertise favorably positions us as we prepare to enter the U.S. horseracing market. Today’s noteworthy acquisition complements our in-house approach while growing our premier product suite, and we are excited to welcome Premier Turf Club to the PointsBet team.”
Todd Bowker, Premier Turf Club’s General Manager, said: “As Premier Turf Club was exploring options for how we might enter the sports betting market, we realized early on that we wanted to partner with a highly regarded and experienced operator. PointsBet’s history in racing in Australia made them an ideal choice, and we are excited to join their team. We look forward to being able to offer sports wagering to our customers in jurisdictions where legal, and to expose PointsBet’s customers to the excitement of betting on racing.”
The racing industry in the U.S. generates over US$12 billion in turnover annually.
The addition of ADW adds to PointsBet’s wagering product set, which already includes a fixed-odds sportsbook, PointsBetting, and online casino.