PointsBet Enters Virginia through Temporary License
With an upsurge of interest in authorizing sports betting action nationwide, some states have favored joining the movement that has and continues to modify the US betting landscape gradually. This time, Virginia is front, with a recent approval granted to one of the industry’s top online sports wagering players.
PointsBet was announced to have been granted the right to open in Virginia as an official online sports betting platform. With this recent move, and a temporary license, PointsBet also confirmed its new partnership with Colonial Downs Group as they merge and take part in the upcoming online sports betting grid, which other similar industry players are looking to join, as well.
All authorizations were under the scope and legal spectrum of the Virginia Lottery. This is the type of statement other big players in the industry were awaiting as the path continues to clear for online wagering to become fully functional in the US.
Just a Piece of Pointsbet’s Commercial Lead Spectrum
After being granted official approval from legal state authorities and partnering with Colonial Downs Group, PointsBet seems to be aiming at re-drawing a new playbook for its online commercial sports betting strategy that others may want to glance at.
Not only has the Australia-native sportsbook managed to comply with local state government authority expectations, but it has also combined efforts with strategic partners to maximize reach and growth. Colonial Downs Group Chief Operating Officer Aaron Gomes stated that PointsBet offers superior platforms and services to end-users and that a joint effort will be made to have this service available to all Virginians that wish to opt-in.
With a partner such as Colonial Down Group, PointsBet places high expectations on its commitment to strengthening commercial relations with in-state participants. PointsBet’s new partner is known for making large investments within the state that have amounted to over $300 million. The company has also proven successful at being able to generate over $30 million in annual state taxes, another reason Virginia authorities are not frowning upon any of the newly approved partnerships.
Aggressive Expansion Is Now Unquestionable
The terms of PointsBet’s agreement with Colonial Down Group also include massive TV broadcasting and commercial advantages for the Australian provider. As part of the new deal, NBC Sports will also be featured as a media marketing agency that will promote PointsBet’s service offer throughout the state.
With this level of exposure, PointsBet is guaranteed a massive lead in the market. After launching in other states such as Colorado and signing off a 2020 deal with Genius Sports, the online sports betting company is seeking to put its name high up in the US market.
The key business model target is therefore clear: diversification. PointsBet offers a wide range of products that have allowed users to engage in betting action in multiple disciplines, which vary depending on the sport, to track and iGaming options. The company has been able to do this all while building a solid cloud-based platform that has simplified users’ interaction with betting dynamics as well as made the whole betting experience a diversified and secure service. Expectations are high, and quite soon, PointsBet is set to become the first participant to take part in this fast-growing, high-stakes, state-based business scheme.
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