PointsBet Holdings has announced extension of its agreement with Penn National Gaming to provide it with online sports betting and iGaming market access in Pennsylvania and Mississippi.

The extended deal would be subject to enabling legislation in Mississippi and licensure in each of those States. Pennsylvania currently permits online sports betting and iGaming.

As part of the Transaction, PointsBet has agreed to release PNG and Penn Interactive Ventures and their respective affiliates from the disposal restrictions contained in the subscription agreement entered in July 2019. Such restrictions were due to expire on 1 August 2021. All other equity restrictions in the subscription agreement remain unchanged.

Commenting on the development, PNG President and Chief Executive Officer Jay Snowden said that with the addition of Pennsylvania and Mississippi, the company was pleased to expand its market access partnership with PointsBet to seven States. PNG has a great working relationship with the PointsBet team and was thrilled with the performance of the equity stake in the company since inking the original agreement, Snowden also said.

PointsBet Group Chief Executive Officer Sam Swanell said: “We are very excited about adding another two guaranteed online market access points to our portfolio in Pennsylvania and Mississippi. A mature, total addressable sports betting and iGaming market in Pennsylvania is estimated to be over US$1.75 billion per annum.

Further, 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.“