Michigan became the 20th state in the US to legalize sports betting a few weeks ago. Now sports betting operators are swiftly entering into a partnership with the state-tribal gaming operators.
Two sports betting operators-PointsBet Holding Ltd and the Stars Group Inc. (TSG), have separately signed an agreement with the Michigan tribal gaming operators. PointsBets has signed with Lac Vieux Desert Public Enterprise and Finance Commission (LVD) whole TSG has inked a deal with Little Traverse Bay Bands of Odawa Indians.
LVD, the gaming arm of the Lac Vieux Desert Band, will partner with Australian based PointsBet on sports betting as well as internet gaming. Michigan Governor Gretchen Whitmer signed a bill legalizing internet gaming; thus, tribal gaming operators can now apply for a license to run web-based casinos.
According to Casino.org, PointsBets and LVD are also in talks regarding the operation of a retail sportsbook in Northern Waters Casino Resort to complement the online offerings. However, the financial terms for the deals haven’t been publicized.
PointsBet inked an agreement that will allow the LVD to roll on an online sportsbook using the Australian company platform for 20 years.
PointsBet announced that it would pay online sportsbooks and online gaming market fees to LVD as well as a portion of the revenue they will generate. PointsBet will pay licensing and regulatory costs.
The contract between PointsBets and LVD will automatically renew after 20 years unless either of the party says they want to terminate the contract.
Conversely, TSG will use the FoxBet platform and brand in their partnership with Little Traverse Bay Band of Odawa Indians. TSG entered into a partnership with Fox last year after the company purchased about five percent of TSG.
The financial details of TSG haven’t been revealed, but according to Casino.org, the agreement covers both online gaming and sports betting. According to the terms of the deal, TSG will operate and access the market and operate real money in online betting, poker, and casino in Michigan. In return, Odawa will be paid a revenue share from the operations applicable online gaming by The Star Group.