PointsBet has pulled out of its sports betting partnership with the University of Maryland after a backlash against college sponsorships.
Lawmakers across the country began to rethink partnerships between universities and sportsbooks in the wake of a New York Times article criticized gambling apps’ presence on campuses.
New York legislators introduced a bill seeking to outlaw these sponsorships, and other states are under pressure to follow suit. A faculty-backed petition at Michigan State University inspired the college to begin phasing out a sports betting partnership with Caesars Sportsbook, according to The Athletic.
Maryland lawmakers recently passed a bill to restrict sports betting partnerships, and it is simply awaiting Gov. Wes Moore’s signature.
PointsBet has taken pre-emptive action by ending its sponsorship deal with the University of Maryland, meaning it will no longer provide the Terps with a financial boost.
“PointsBet and Playfly Sports have reached a mutual agreement to end their sponsorship at the University of Maryland,” said the company in a statement.
Playfly Sports brokered the deal between PointsBet and the University of Maryland. It also oversaw a similar deal between Caesars and Louisiana State University, which could also now come under pressure.
PointsBet is one of the most widely available online sports betting operators in the country, but it is exploring the sale of its US business. It has retained the services of New York investment bank Moelis & Company to facilitate the sale.