• Company is determined to expand US sports betting business
• Acquires Oregon-licensed online horse racing operator Premier Turf Club for $2.9 million
• Horse racing a $12 billion industry in the US.
• $43 million deal for Banach Technology announced in March

PointsBet expects to capitalise on the $12 billion US horse racing industry after further expanding its portfolio with the purchase of Premier Turf Club (PTC).

PTC is licensed in Oregon, and the $2.9 million deal would allow PointsBet to offer advance deposit horse race wagering in the US for the first time.

PointsBet USA CEO Johnny Aitken said: “PointsBet is very pleased to join forces with Premier Turf Club. The combination of Premier Turf Club’s excellence in the space with PointsBet’s mature market Australian racing expertise favourably positions us as we prepare to enter the US horseracing market.

“Today’s noteworthy acquisition complements our in-house approach while growing our premier product suite, and we are excited to welcome Premier Turf Club to the PointsBet team.”

Best kept secret

PTC has been in business for more than 13 years and goes by the term “Racing’s Best Kept Secret”, operating from BetPTC.com.

The company is overseen by General Manager Todd Bowker. He is a veteran industry executive and will become Vice President of Racing for PointsBet USA. Premier Turf Club’s highly experienced staff will also join the PointsBet team.

Bowker said: “As Premier Turf Club was exploring options for how we might enter the sports betting market, we realised early on that we wanted to partner with a highly regarded and experienced operator.

“PointsBet’s history in racing in Australia made them an ideal choice, and we are excited to join their team. We look forward to be able to offer sports wagering to our customers in jurisdictions where legal and to expose PointsBet’s customers to the excitement of betting on racing.”

Premier Turf Club’s industry acumen and relationships, customer-focused operations, and excellent reputation will be of immediate value to PointsBet. The company looks to continue its proven track record of entering new markets with premium products accelerating client value and growth in the United States.

Horse racing opportunity

For the operators able to execute on the opportunity, horse racing has a unique role to play alongside sports betting entertainment and content in the United States.

The horse racing industry in the US generates over $12 billion in handle annually, with only half wagered through ADW products legally available in 38 states. PointsBet aims to be at the centre of innovation and growth in US horse racing, and the addition of ADW adds to PointsBet’s growing proprietary wagering product set, which already includes a fixed-odds sportsbook, PointsBetting, and online casino.

The move by PointsBet follows its $43 million acquisition of Irish outfit Banach Technology, announced back in March.

That purchase will help PointsBet develop its pre-game and in-gaming betting products currently on offer to its sportsbooks in six US states.