As sports betting surges, operators are working to establish long-term relationships.
On Tuesday, Penn National Gaming Inc. announced a strategic partnership with Capital Region Gaming allowing the Pennsylvania-based gaming company to operate in New York once state lawmakers approve mobile sports wagering.
The deal lasts for 20 years. Capital Region operates Rivers Casino & Resort in Schenectady, New York, giving Penn National an immediate home.
“Gaining potential access to what could become one of the nation’s most lucrative sports betting markets has been a major priority for our company,” said Jon Kaplowitz, Penn National’s senior vice president of interactive gaming.
But Penn National isn’t the only sports betting operator getting in on the action early and establishing a long-term foothold across the U.S.
- On Monday, Rush Street Interactive, Inc. announced that it will offer its online casino and sports betting platform, BetRivers.com, for up to 20 years in Ohio, Maryland, and Missouri.
- RSI currently operates in eight states with a combined population of over 68 million. With the addition of Ohio, Maryland, and Missouri, RSI could reach more than 35% of the U.S. population.
- This past September, Flutter Entertainment and Scientific Games agreed to a five-year extension after first partnering in 2000.
- In 2019, PointsBet agreed to a 20-year partnership with Hawthorne Race Course in Illinois.
Everyone in the gaming industry will be locked up in contracts until 2040 before we know it.