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Penn National agrees multiple online gambling deals

Penn National Gaming announced five major partnerships that will help the casino operator claim a larger share of the rapidly growing US regulated sports betting market.

New York-listed operator has entered into market access agreements with DraftKings, PointsBet, theScore and The Stars Group, as well as a sports betting technology deal with Kambi. The company will manage all deals through its wholly-owned subsidiary Penn Interactive Ventures (PIV).

All the chosen operators will be able to provide their products as the first, second or third “skin” partners of the Penn National. They will have the option to own, operate, and brand real-money online sports betting, poker, and casino offerings in certain states, subject to license availability, laws and regulations in each of the states the partnerships have been signed for.

“Sports betting represents an exciting new growth opportunity for Penn National. Our skin agreements announced today will help fund the cost of launching and maintaining our primary sports betting and igaming operations, both by way of the upfront consideration and the long term revenue sharing arrangements, which are consistent with industry standards and subject to minimum guarantees,” announced Jon Kaplowitz, Penn’s vice president of interactive gaming.

The first launches are expected to take place in Q3 2019, with an initial focus placed upon Penn’s land casinos in Iowa and Indiana, with online to follow in 2020.

UK-based Kambi has been selected as the technology provider to power sports betting for PIV in states with active sports betting legislation and will integrate its platform ahead of a roll-out in these jurisdictions.

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