In morning trade the PointsBet Holdings Ltd (ASX: PBH) share price is pushing higher.
At the time of writing the sports betting company’s shares are up 5% to $6.00
Why is the PointsBet share price zooming higher?
Investors have been buying PointsBet’s shares this morning after its U.S. business entered into a new multi-year deal to become a gaming partner of the Detroit Tigers Major League Baseball (MLB) team.
This deal is the first sports betting partnership for a professional sports team within Michigan and follows the state’s legalisation of sports betting in 2019. It is also the first such partnership for any MLB franchise.
According to the release, the agreement between PointsBet and the Detroit Tigers will begin for the upcoming 2020 Tigers season.
What does the agreement include?
As part of the multi-year deal, PointsBet will have television broadcast-visible branding at Comerica Park and be featured on the Detroit Tigers Radio Network.
PointsBet will also have a sponsored presence on the Tigers’ digital platforms and be regularly featured on The Word on Woodward. This is a twice-weekly live streaming show that airs on the club’s channel. The company’s platform will also be integrated into The District Detroit app and the MLB Ballpark app.
Johnny Aitken, CEO of PointsBet USA, commented: “The PointsBet team is excited to announce our ground breaking deal with the Detroit Tigers and Major League Baseball, becoming the first legal sports betting operator to partner with an MLB franchise.”
“PointsBet operates in rare space within the industry by owning our technology environment from end to end, which allows us to be extremely nimble on product innovation and personalized offerings to complement our app’s market-leading speed. We are excited to inject a unique and robust betting proposition into the great state of Michigan,” he added.
This sentiment was echoed by Chris Granger, Group President, Sports & Entertainment of Detroit Tigers owner, Ilitch Holdings.
He said: “We are thrilled to welcome PointsBet as a gaming partner of the Detroit Tigers. As we usher in legal and responsible sports betting, we look forward to the fan-friendly enhancements that it will make to the game-day experience in and around Comerica Park.”
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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