The company said in a statement to the ASX that it had signed an exclusive five-year technology and services agreement with Betfair, "to deliver a full wagering stack for the development of CrownBet''.

As the company said in its statement:

Under the agreement, BetMakers will deliver its full wagering stack for CrownBet, including a fully customised deployment of the Company's Apollo wagering platform, trading and risk management, content engine, and core platform technology. The end-to-end solution positions BetMakers as the technology and operational backbone of the CrownBet offering from launch.

More wins on the board

BetMakers said it was the most significant commercial milestone for its Apollo platform to date, "and further validates BetMakers' strategy to provide a complete, vertically integrated B2B wagering solution to Tier-1 operators globally''.

The agreement also establishes a landmark alignment with Betfair and its parent company, Crown Resorts – one of Australia's most recognised entertainment and hospitality groups.

BetMakers Chief Operating Officer Martin Tripp said it was a major endorsement of the Apollo platform.

To be selected by Betfair to power the return of CrownBet demonstrates the scalability, performance and commercial flexibility of our technology stack. By combining our Apollo platform with deep industry expertise and talent within Betfair, we are confident we can deliver a market-leading wagering experience and help to position CrownBet as a formidable player in the Australian market.

BetMakers shares traded as high as 19.5 cents on the news before settling back to be changing hands for 19 cents, up 8.5% by mid-afternoon.

Building on early gains

BetMakers also this week said it had signed a three-year agreement with Penn Entertainment (NASDAQ: PENN) for the distribution of Penn's racing content.

The company said, in a broader market update, that it was "experiencing strong digital momentum with eight digital customers launched in the second quarter of FY26 and eight scheduled for the balance of FY26, supported by a further pipeline of additional growth opportunities globally''.

BetMakers said the Penn deal was expected to increase the company's EBITDA by about $1.2 million per year over the term of the contract.

BetMakers Chief Executive Jake Henson said the Penn deal, which expanded on an existing arrangement, was "a positive step for both parties, and we look forward to a successful and profitable partnership''.

BetMakers was valued at $195.7 million at the close of trade on Wednesday.

The post Why are BetMakers shares charging higher today? appeared first on The Motley Fool Australia.

Let's take a closer look at what the sports betting company announced.

Why the PointsBet share price is in focus

The PointsBet share price could be on the move today following the company's latest update.

According to PointsBet's release, its subsidiary PointsBet USA Inc. and Penn National Gaming Inc. (NASDAQ: PENN) have signed an extension of the Online Gaming Services Framework Agreement.

The extended agreement, which was formally executed on 31 July 2019, will see PointsBet secure online sports betting and iGaming market access in Pennsylvania and Mississippi. PointsBet management stated that the total addressable sports betting and iGaming market in Pennsylvania is estimated to be worth over US$1.75 billion per annum.

The transaction will also see PointsBet agree to the early release of disposal restrictions for Penn National Gaming and Penn Interactive Ventures. Previously, these restrictions in the Subscription Agreement were due to expire on 1 August 2021. It was noted though, all other equity restrictions within the framework will remain unchanged.

Details of the expanded partnership agreement

Under the new agreement, PointsBet will have market access in the additional states for a period of up to 20 years. This will commence when the company's first branded service is offered to PointsBet customers.

In addition, PointsBet will cover all licencing and approval costs associated with launching and operating its services. While Pennsylvania currently permits online sports betting and iGaming, Mississippi requires legislative approval.

Lastly, PointsBet will pay Penn National Gaming a percentage of its net gaming revenues from its Pennsylvania and Mississippi operations.

What did management say?

Penn National Gaming president and CEO Jay Snowden commented:

With the addition of Pennsylvania and Mississippi, we are pleased to expand our market access partnership with PointsBet to seven States. We have a great working relationship with the PointsBet team and are thrilled with the performance of our equity stake in the company since inking the original agreement.

PointsBet group CEO Sam Swanell added:

…Pennsylvania is home to Philadelphia, the fourth largest media market in the United States, inclusive of southern New Jersey and a regional pillar of the Comcast-NBC Universal asset portfolio. NBC Sports Philadelphia owns the in-game broadcast rights to the Phillies, 76ers, and Flyers covering over 290 live events per year across 4.1 million households.

About the PointsBet share price

The PointsBet share price has accelerated by over 780% in the past year, and is up around 14% year to date. The company's shares reached a 52-week high of $18.13 last month, before retreating to their current level. 

Based on the current share price, PointsBet has a market capitalisation of roughly $2.47 billion.

The post Why the PointsBet (ASX:PBH) share price will be on watch this morning appeared first on The Motley Fool Australia.