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The Board of BetMakers Technology Group Limited (“BetMakers” or “the Company”) (ASX:BET) is pleased to announce that the Company’s wholly owned subsidiary, BetMakers DNA Pty Ltd (“BDNA”), has signed an agreement with PointsBet New Jersey Inc. (“PointsBet USA”), a subsidiary of PointsBet Holdings Ltd (“PointsBet”) (ASX:PBH), to begin Fixed Odds betting on horseracing in the New Jersey market, subject to receipt of all necessary regulatory approvals (“Agreement”). The material terms of the Agreement are annexed to this announcement.

Highlights:

  • PointsBet USA becomes first wagering operator to partner with BetMakers in New Jersey

  • Follows BetMakers’ 10-year exclusive agreement to manage Fixed Odds in New Jersy

  • PointsBet USA to bet Fixed Odds on Domestic and International horse racing

This deal follows the announcement on 10 June 2020 by BetMakers for “on-course” management of Fixed Odds on behalf of the New Jersey located Monmouth Park Racetrack (“Monmouth Park”).

PointsBet is the first online bookmaker to sign up to the Global Racing Network which will allow it to conduct Fixed Odds betting on horse racing in the U.S market. The Company believes this deal is the first of its kind in the United States.

As announced on 5 February 2020, BetMakers, through BDNA, has secured an exclusive 10-year agreement with New Jersey Thoroughbred Horsemen Association and Darby Development LLC., the operator Monmouth, to deliver and manage Fixed Odds horse racing in New Jersey.

Today’s announcement formalises commercial terms for Pointsbet, under BetMakers’ exclusive agreement, to offer Fixed Odds betting into New Jersey.

Sam Swanell, CEO PointsBet, said: “We look forward to working with BetMakers for our entry into the U.S. horseracing market, which we believe is a big opportunity. BetMakers have been great product and technology services suppliers as well as being overall supporters of our Australian operation, and we see them as an important solution for our U.S. progression.”

Todd Buckingham, CEO BetMakers, commented on the deal: “The deal with PointsBet completes an approved and regulated end-to-end supply chain model to launch Fixed Odds betting into the U.S. market for the first time. The stage is now set for first Fixed Odds bets to be taken on horseracing in the U.S. and there are two reasons we believe this can be successful. Firstly, we have seen that U.S. punters have shown an appetite for Fixed Odds on other sports through their $4.5 billion annual turnover in New Jersey, and secondly because we have seen the strong trend in Australia that has seen Fixed Odds betting become the dominant type of betting option preferred by punters. BetMakers sees PointsBet as a perfect partner to launch Fixed Odds in the U.S. We have a great working relationship with PointsBet and as one of the fastest growing wagering companies in the Australian market, we don’t see any reason why this would be any different in the U.S.”

Link to video: https://vimeo.com/436594147