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PointsBet Moves Into U.S. Horse Racing Market With Purchase Of Premier Turf Club ADW

PointsBet USA Inc., a wholly owned subsidiary of PointsBet Holdings Ltd., has announced the premier global online gaming and racing operator has agreed in principle to acquire Premier Turf Club, LLC, an advance deposit wagering company licensed by the Oregon Racing Commission. The agreement is set to initially position PointsBet within the U.S. online horse racing market as the company continues its rapid expansion across the country.

“PointsBet is very pleased to join forces with Premier Turf Club,” noted PointsBet USA CEO Johnny Aitken. “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. horse racing 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.”

Premier Turf Club, known as “Racing's Best Kept Secret,” has been in business over 13 years and operates the website BetPTC.com. The company is overseen by general manager Todd Bowker, a longtime industry executive who will become vice president of racing for PointsBet USA. Bowker previously served as general manager of AmericaTab Ltd, where he led the start-up of the company and oversaw the operational management of what grew to become the fourth largest Advance Deposit Wagering company licensed in Oregon. Premier Turf Club's highly experienced staff will also be joining the PointsBet team.

“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,” said Bowker. “PointsBet's history in racing in Australia made them an ideal choice, and we are excited to join their team. We look forward to be 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.”

Premier Turf Club's extensive industry expertise and relationships, customer-focused operations, and excellent reputation will be of immediate value to PointsBet as the company looks to continue its proven track record of entering new markets with premium products while accelerating client value and growth in the United States.

For the operators able to execute on the opportunity, horse racing has a unique role to play alongside sports betting entertainment and content in the United States. The horse racing industry in the U.S. generates over $12 billion in handle annually, with only half wagered through ADW products legally available in 38 states. PointsBet aims to be at the center of innovation and growth in U.S. horse racing, and the addition of ADW adds to PointsBet's growing proprietary wagering product set which already includes a fixed odds sportsbook, PointsBetting, and online casino.

About PointsBet
PointsBet is one of the fastest growing sportsbooks in the country and is rapidly expanding its U.S. footprint, currently bringing its best-in-class proprietary technology, modernized and premium brand mentality, expert trading practices, and proven growth marketing strategies to the burgeoning sports betting markets of Colorado, Illinois, Indiana, Iowa, Michigan, and New Jersey. Originally founded in Australia, PointsBet is a cutting-edge online gaming 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. sportsbook 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. For more information, visit www.PointsBet.com.

About Premier Turf Club
Premier Turf Club, LLC is a U.S. based pari-mutuel account wagering provider regulated in the state of Oregon by the Oregon Racing Commission. Staff includes horse owners, bettors and industry professionals that have been involved in advance deposit wagering and simulcasting since their inceptions. PTC has developed a business model that benefits the players, the horsemen and the race tracks, while offering an extensive racing menu where customers can wager on over 200 Thoroughbred, Harness and Greyhound race tracks.

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FOX Sports and NYRA Announce Landmark Wagering and Media Rights Agreement

FOX Sports and the New York Racing Association, Inc. have announced an expanded partnership agreement that establishes FOX Sports as the official wagering partner of NYRA Bets and the leading media provider for elite Thoroughbred racing through the next decade.

The prior FOX Sports/NYRA media rights agreement provided a FOX Sports subsidiary with an option to acquire a 25% stake in NYRA Bets, LLC, a leading Advance Deposit Wagering platform launched in 2016 and available to customers in 30 states across the country. The FOX Sports subsidiary will exercise this option by the summer of 2021, pending final regulatory approval.

The newly announced agreement provides a FOX Sports subsidiary with a future opportunity to increase its equity interest in NYRA Bets.

As an unprecedented year interrupted live sports around the world, horse racing operated safely and continuously. NYRA Bets achieved record growth in 2020, as new fans engaged with horse racing by watching an unparalleled amount of coverage across FOX Sports' family of networks. Driven by a dramatic expansion in this live television coverage, NYRA Bets generated $225 million in wagering handle in 2020, a more than 100% increase compared to 2019.

“The remarkably rapid expansion of NYRA Bets, and the digital ADW wagering marketplace, make this an ideal opportunity for FOX Sports to deepen and broaden its investment in both premier media rights and the high-growth sports wagering industry. With our investment options in NYRA Bets, FOX is now uniquely positioned as the only media company with strategic stakes in digital bet-taking businesses in horse racing, sports betting, poker and casino gaming,” said Michael Mulvihill, FOX Sports' Executive Vice President, Head of Strategy and Analytics. “We're confident that our television partnership with NYRA will fuel continued growth for NYRA Bets in the years ahead ”

Dave O'Rourke, President and CEO, NYRA, underscored the importance of its partnership with FOX Sports to the sport in New York as well as across the country.

“FOX Sports has shown an unwavering commitment to the sport of horse racing over the past five years,” said O'Rourke. “The strength of our partnership with FOX Sports, and the continued expansion of our high-quality telecasts, has proven to be hugely beneficial for the New York racing community and the sport as a whole.”

The new agreement will extend FOX Sports' television rights with NYRA through 2030 and further expand exclusivity for daily racing at Belmont Park and Saratoga Race Course.

Under the new deal, FOX Sports expects to air at least 700 hours of coverage each year from Belmont Park and Saratoga Race Course and, outside of prior commitments, gives the network exclusive national broadcast rights at Belmont Park and Saratoga Race Course through 2030. NYRA will serve as the production arm for all horse racing events during the term of the partnership.

NYRA and FOX Sports began their collaboration during the first season of Saratoga Live during the 2016 summer meet at historic Saratoga Race Course. The critically acclaimed show, broadcast daily from the grounds of Saratoga, aired 80 hours of live coverage on FS2 and coincided with the national launch of NYRA Bets. Since then, total coverage has grown to more than 700 hours in 2020. The NYRA Bets wagering handle has also grown–from $7.2 million in 2016 to over $225 million in 2020. Wagering through national ADW outlets increased 115% during that same period. Along with Saratoga Live, FOX Sports' NYRA television portfolio includes America's Day At The Races, airing in the spring, summer, fall and select dates throughout the winter racing season.

FOX Sports became the national television home for NYRA's Belmont Park and Saratoga Race Course coverage in 2019. That same year, the brand furthered its commitment to horse racing by televising the GI Runhappy Travers to a national audience on the FOX broadcast network for the first time in network history. Following a successful presentation in 2019, the Travers returned to FOX in 2020.

The new FOX Sports/NYRA agreement ensures that the Travers will air LIVE on FOX through 2030.

“NYRA is delighted to extend our relationship with FOX Sports,” said Tony Allevato, President, NYRA Bets. “We look forward to continuing to work closely with the FOX Sports team over the next decade to grow NYRA Bets while continuing to present the very best in horse racing coverage to more sports fans than ever before.”

The agreement does not include the GI Belmont Stakes Racing Festival and the Belmont S.

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Which ADWs Have Gained The Most During COVID-19 Pandemic?

Without legal advance deposit wagering in the United States, horse racing would have suffered unimaginable consequences during the COVID-19 pandemic that was unleashed one year ago. As it was, many tracks were forced to close while racing officials, health departments and infectious disease experts across the country worked toward solutions to keeping a major industry going.

Almost without exception, on-track business evaporated and racing was dependent on leading ADW companies TVG, TwinSpires, Xpressbet and NYRA Bets to stay in business. Those companies, the “big four” among ADWs, handled nearly $6.5 billion through the Oregon Racing Commission wagering hub, about 60% of the $10.9 billion bet on U.S. races in 2020, according to Equibase.

Some caveats: NYRA Bets totals do not include wagers made by New York residents on in-state races. Also, the ADW totals include a relatively small percentage that is wagered on Standardbred and Quarter Horse racing and international races. The totals for TwinSpires and Xpressbet may include “white label” ADWs created by various racetracks that use the aforementioned companies' technology.

Another $160 million was wagered through the Oregon hub by six smaller ADW companies.

Also, keep in mind that a significant portion of wagering dollars (though the details are not available) is bet through a hub in North Dakota. Elite Turf Club, Lien Games Racing, WatchAndWager.com and several others are registered in North Dakota, which is not as transparent with wagering totals as is Oregon. Among those companies, Elite Turf Club is probably the largest, with a number of high volume customers employing computer assisted wagering programs.

The growth in wagering through the Oregon hub by the “big four” from 2019 to 2020 was 52%. From a percentage standpoint, NYRA Bets – the smallest of the four and the latest to launch its business in 2016 – had the biggest gain of 104%. From a dollars standpoint, TVG was the leader, gaining over $1.2 billion in wagers from 2019 to 2020.

Perhaps not surprisingly, those two companies are affiliated with television throughout the year: NYRA Bets through programming on Fox Sports and TVG with its long-established racing network.

TVG's growth was so dramatic in 2020 that it overtook TwinSpires as the largest volume ADW company using the Oregon hub, ending a long run at the top by TwinSpires. In 2019, TwinSpires handled over $640 million more than TVG.

From a percentage standpoint, TwinSpires showed the slowest growth of the “big four” during the pandemic, gaining 30%. Xpressbet gained 34% from 2019-'20 topping $1 billion for the second consecutive year.

The post Which ADWs Have Gained The Most During COVID-19 Pandemic? appeared first on Horse Racing News | Paulick Report.

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Major Boost Puts Del Mar Summer Purses Over $700,000 Daily; Ship And Win Bonuses Doubled

The Del Mar Thoroughbred Club in Del Mar, Calif., will implement a major purse increase for its upcoming summer race meeting opening on Saturday, July 17, including substantial increases in all overnight purses and record incentives for owners and trainers that ship out-of-state horses to race at Del Mar through its popular “Ship and Win” program, track officials have announced.

Average daily overnight purses for the 2021 season will be increased by over 30% as compared to 2019 levels during which the track operated an uninterrupted racing schedule. With the increases announced today, Del Mar expects to average more than $700,000 a day in purses this summer.

The “Ship and Win” program for horses entering from outside California is doubling both its participation fee for owners (from $2,000 to $4,000) and its purse bonus from 20% to 40% for all eligible races. The purse bonus will be upped to 50% for dirt races in the “Ship and Win” program.

“We've got some real momentum in California as we prepare for the 2021 season and, based on the inquiries we're receiving, owners and trainers are taking notice,” said Del Mar's executive vice president for racing, Tom Robbins. “Our partnership with the Thoroughbred Owners of California, TVG and The Stronach Group has us on track for one of the most lucrative seasons in Del Mar history, which will be a boost for California racing and help set the stage for us to host the Breeders' Cup here again in November.”

The 2021 purse enhancements are due in part to a partnership with the Thoroughbred Owners of California, FanDuel Group's TVG horse racing television network and advance-deposit wagering platform and The Stronach Group's 1/ST Racing. The multi-party agreement, announced earlier this year, is expected to inject up to $15 million into California Thoroughbred purses and programs over the next two years.

In addition, Del Mar's total handle for its 2020 racing seasons was well above initial projections – despite fans not being allowed onsite – adding funding to the purse increases for the upcoming live racing season.

Among the increases for overnights, maiden special weight races will jump from $55,000 during the 2020 summer meet to $70,000 this summer, maiden-claiming $20,000 races rise from $19,000 last year to $25,000 and open $40,000 claiming races purses will increase from $37,000 to $47,000.

As an example of how these increases affect the “Ship and Win” program, a maiden special weight race on the main track this summer will carry a purse of $105,000 ($70,000 plus a 50% bonus) plus a $4,000 starter bonus for out of state horses that qualify for the program.

“Anticipation for Del Mar's race meetings is always high among horsemen but it will be even more so this year with the increased purse structure announced today,” said Gary Fenton, chairman of the TOC. “We look forward to continuing our work with the state's key racing stakeholders to further strengthen California's year-round racing program.”

Track officials also noted that Del Mar's 2021 stakes schedule will be released in the coming weeks and that purse levels will be raised for several of its summer stakes races.

Del Mar will offer a 31-day summer racing season this year after racing 27 days in 2020. It will open with Saturday and Sunday cards (July 17-18), then switch to a Thursday through Sunday schedule for the balance of the meet. The summer season will close, as usual, on Labor Day, Monday, September 6.

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