25 March 2021 - Melbourne, Australia - PointsBet Holdings Limited (ASX: PBH) (the "Company") today announced that its wholly owned subsidiary, PointsBet USA Inc. ("PointsBet"), and Penn National Gaming Inc. (NASDAQ: PENN) ("PNG") have agreed to extend the Online Gaming Services Framework Agreement dated 31 July 2019 (the "Agreement") to provide PointsBet with online sports betting and iGaming market access in Pennsylvania and Mississippi (the "Additional States"), subject to enabling legislation (in Mississippi) and licensure in each of those States. Pennsylvania currently permits online sports betting and iGaming (the "Transaction").
As part of the Transaction, PointsBet has agreed to release PNG and Penn Interactive Ventures, LLC ("PIV") and their respective affiliates from the disposal restrictions contained in Section 6.4(a) of the subscription agreement entered between, among others, the Company, PointsBet, PNG and PIV dated 31 July 2019 (details of which were disclosed to ASX on 1 August 2019) ("Subscription Agreement") in respect of the securities which were acquired by PIV under the Subscription Agreement. Such restrictions were due to expire on 1 August 2021. All other equity restrictions in the Subscription Agreement remain unchanged.