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Virginia Lottery grants temporary license to PointsBet

Pointsbet terminates deal with University of Colorado

The Virginia Lottery has awarded a temporary sports wagering license to PointsBet, paving the way for the Australian-based operator to launch its online and mobile betting platform in the state.

PointsBet secured market access in the Old Dominion through a partnership with Colonial Downs Group LLC, the company that operates the Colonial Downs Racetrack in New Kent County. Colonial Downs was also granted a temporary sports betting permit, making it the 11th company to secure a license in Virginia.

Commenting on the approval and partnership with Colonial Downs, PointsBet USA CEO Johnny Aitken said: “Being awarded the opportunity to offer PointsBet’s market-leading speed and ease of use, unrivalled slate of sports betting options, and overall in-play excellence to the people of Virginia is a great achievement and responsibility. Alongside Colonial Downs, PointsBet is proud to partner with the Lottery in Virginia for our first lottery-regulated market license award.”

Aitken also noted that the license would allow the sportsbook to expand its partnership with NBC Sports since it will be using the company’s premium television and online media platforms to promote its brand and offering in the state.

“We couldn’t be more thrilled to further expand our exclusive relationship with NBC Sports – a staple to sports lovers in Virginia – and ultimately provide the great people in the state with the sportsbook they’ve been waiting for,” he said.

PointsBet has been the exclusive sports betting partner of NBC Sports since August 2020.

Colonial Downs praises ‘unique’ points betting product

Colonial Downs Group also issued a statement about the licensure, saying it is pleased to team up with PointsBet to bring the operator’s premier sportsbook to the Virginia betting industry. The company went on to praise the brand for its solid reputation, excellent customer service, and unique Points Betting platform.

“Colonial Downs Group is proud to partner with PointsBet, a premier sports betting platform and one of the most successful operators in the nation. We are pleased to help bring this gaming option, with an excellent reputation and track record in customer service and unique points of difference such as their ‘PointsBetting’ platform, to our loyal customers and other games in Virginia,” stated Aaron Gomes, Chief Operating Officer for Colonial Downs Group.

Colonial Downs was among the 18 companies that bid for the available sports betting licenses in the state when the application window opened in mid-May. The Virginia Lottery is yet to reveal the other winners.

PointsBet continues to expand footprint in the US

The approval by the Virginia Lottery is a step in the right direction for PointsBet as it continues to pursue its ambitious expansion plan in the ever-growing United States gambling industry.

In July, the company kicked off a campaign to raise equity capital to fund its expansion in the country’s regulated sports betting and iGaming market, which is estimated to generate over $40 billion in annual revenue by 2030.

In its statement, PointsBet said that the capital raise would enable it to continue investing as part of its strategy to attain its long-term goal of becoming one of the top five players in the country. The operator further revealed that it is working towards being operational in 19 Northern American markets by the end of 2022.

So far, PointsBet is live in seven states: New Jersey, Iowa, Indiana, West Virginia, Illinois, Colorado, and Michigan. The company is also among the nine operators recommended for mobile betting permits by the New York State Gaming Commission earlier this month, and it has also been earmarked for licenses in Maryland and Wyoming.

The sportsbook also has market access in other states like Louisiana, Missouri, and Ohio through its partnership with Penn National Gaming. Missouri and Ohio, however, are yet to legalize sports betting.

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