PointsBet announced Monday that it has agreed to acquire Premier Turf Club in a move that will allow it access to the Oregon market. Premier Turf Club, a horse racing track, is an Advance Deposit Wagering (ADW) company licensed by the Oregon Racing Commission.
Through the deal, the Australia-based bookmaker seeks to position itself in the US online horse racing market, the news release said. The $3.74 million purchase of the horse racing betting operator-formerly operated by the Oregon Racing Commission- will now allow PointsBet to launch in the Beaver State.
Oregonian horse racing fans will now be able to bet in time for the Preakness Stakes event through PointsBet’s horse racing betting odds through the BetPTC.com., the principal website of Premier Turf Club.
A Formidable Combination
PointsBet USA CEO Johnny Aitken believes it’s a formidable combination, joining horse racing experiences of two continents. He said the Australian bookmaker is delighted to join forces with Premier Turf Club.
“The combination of Premier Turf Club’s excellence in the field with PointsBet’s mature market Australian racing expertise strategically positions us as we prepare to enter the US horseracing market.”
He said the noteworthy acquisitions complemented PointsBet’s in-house approach while growing its premier product suite.
PointsBet becomes the third sportsbook operator to penetrate in horse racing, after Churchill Downs-owned TwinsSpires and FanDuel-owned Fairmount Park.
No Job Losses
Premier Turf Club, known as “Racing’s Best Kept Secret,” has been in this business for over 13 years, will not see any revolutionary changes in the internal management. Its general manager Todd Bowker will become vice president of racing for PointsBet, and all employees of the company will join PointsBet
The Florida-based racing track operates the website BetPTC.com.
Bowker said the company was exploring options to enter the sports betting market through “a highly regarded and experienced operator”. He added that “PointsBet’s history in racing in Australia made them an ideal choice.”
The former boss said they look forward to being able to extend sports betting to their customers as well as PointsBet’s customers to the excitement of betting on racing.
Bowker previously serves as GM of AmericaTab, where he was operational manager of what grew to become the fourth-largest Advance Deposit Wagering company in Oregon.
Horse Racing, A Huge Market in the US
Premier Turf Club’s extensive expertise and relationships in the market, and its excellent reputation will bring immediate value to the parent company as it expands into the new US markets, the news release said.
Horseracing is a significant market alongside sports betting entertainment in the US. The horseracing industry in the US generates nearly $12 billion in an annual handle, with only half wagered through ADW products legally available in 38 states.
PointsBet is looking to capitalize on US horseracing, and the addition of ADW adds to the bookmaker’s growing proprietary betting product set which already includes fixed odds sportsbook, PointsBetting, and online casino, the news release said.
About Premier Turf Club
Premier Turf Club is a Florida-based pari-mutuel account betting provider regulated in the state of Oregon by the state’s Racing Commission. Its staff ranges from horse owners, bettors, to industry professionals involved in it through advance deposit wagering. The racetrack has developed a business model that aims to benefit the stakeholders- including the player, the horsemen, and the racetracks- besides offering a broad racing menu where fans can bet on over 200 Thoroughbred, Harness and Greyhound race tracks.