PointsBet is at it again, this time looking to make a big splash in the horse racing industry. On Monday, the company announced that it had acquired Premier Turf Club, which is a group that is currently licensed by the Oregon Racing Commission.
The Premier Turf Club is what is known as an Advance Deposit Wagering company, and this new partnership will allow PointsBet to position itself as one of the leading sportsbooks when it comes to this industry. TwinSpires and FanDuel are the only two other sportsbooks that are active in the industry, but that could be changing in the coming months.
This move will also allow PointsBet to operate in states that have not yet legalized online sports betting. Horse race betting has been legal in most states throughout the US for years, and it will help PointsBet establish its brand in anticipation of sports betting being legalized.
Current Employees Keeping Jobs
Anytime these types of deals take place, there is always the risk of employees of both companies losing their jobs. That will not be the case with this acquisition as the current employees of Premier Turf Club will simply be joining PointsBet.
PoitnsBet USA has been established in the last few years as the Australian-based company has made an aggressive push into the sports betting industry. There is a horse racing portion of this company, and the current general manager of Premier Turf Club will take on an executive role with PointsBet.
Todd Bowker will be named vice president of racing for PointsBet USA, and he expressed his excitement in joining the new company and taking on a bigger role.
PointsBet No Stranger to Deals
One of the biggest ways that PointsBet has made a name for itself here in the United States is by forming partnerships with professional teams or sports media companies. The company also made industry history when it partnered with the University of Colorado, the first such deal in the United States.
PointsBet has made recent headlines by becoming an official sports betting partner of several teams, but it has also focused on partnering with some of the less popular leagues. This company is one of four sports betting partners with the NHL and also has deals in place with the PGA Tour.
Preakness Stakes Betting Odds
Medina Spirit is the current betting favorite to win the Preakness Stakes at 9/5, but that horse might not even race this weekend. The Kentucky Derby champion failed a post-race drug test, and that could ultimately keep the horse off of the board.
Concert Tour (5/2) and Midnight Bourbon (5/1) are the next two betting favorites to win the race. If it is determined that Medina Spirit will withdraw from the Preakness Stakes, then one of these horses will likely become a huge betting favorite.
Crowded Trade is another horse that is getting plenty of betting attention leading up to the second leg of the Triple Crown as the betting odds for that horse is currently set at 10/1.