Toronto-listed operator The Stars Group has partnered Akwesasne Mohawk Casino Resort for betting and gaming market access and retail sports betting operations in the state of New York.
Subject to state law and regulatory approvals, the agreement provides The Stars Group with an option to operate and brand real-money online sports betting, poker and casino in New York on a first skin basis, subject to license availability.
As part of the deal, The Stars Group will also provide support services for the launch and operation of a retail sportsbook at the Akwesasne Mohawk Casino Resort in upstate New York. Last month the New York State Gaming Commission adopted rules to regulate sports betting, which must now be published in the state register.
“We are excited to announce this agreement with Mohawk, which further strengthens our market access as we work to build our FOX Bet business into one of the leaders in the emerging US online betting and gaming market,” said Robin Chhabra, CEO of FOX Bet, the new US sports betting brand of The Stars Group.
Under the terms of the agreement, Mohawk will receive a revenue share from the operation of the applicable online offerings by The Stars Group, and The Stars Group will receive a revenue share from the operation of the retail sportsbook from Mohawk.
“We are thrilled to elevate the sports betting experience for our guests in our new sports lounge, a 5,200 square foot sports betting hub that will be ready during the NFL season,” said Akwesasne Mohawk Casino Resort general manager Todd Papineau. “Once permissible in the state, we will be prepared to accept sports wagers through our new kiosks.
“With its online betting and gaming solutions and FOX Bet and PokerStars brands, we believe The Stars Group is the ideal partner for us and it is positioned to become a leader in the US online betting and gaming industry. We are delighted to work with The Stars Group, one of the world's largest, most licensed online gaming companies, to leverage the opportunity presented by online betting and gaming in the state of New York.”
The Stars Group becomes the latest operator to enter New York in anticipation of regulated sports betting, following the likes of bet365 (Resorts World), DraftKings (del Lago Resort & Casino), FanDuel (Tioga Downs) and Rush Street Interactive (Rivers Casino & Resort).
Shares in The Stars Group Inc (TOR:TSGI) were trading down 0.84 per cent at CAD$21.33 per cent in early trading in Toronto Tuesday.