Prime Sportsbook has filed for bankruptcy ahead of a planned takeover by its current technology provider Plannatech.
Chief Operating Officer Jon Richards told SBC Americas on Wednesday that Prime Sportsbook is undergoing Chapter 11 bankruptcy to reorganize its structure and operational expenses before a pending sale to Plannatech USA. The operator does not anticipate any interruptions to customers’ ability to bet on the platform in the meantime.
“This industry appears to change on an hourly basis, and our goal is to continue operating within the licensed and regulated market while providing a fair product to the betting community,” added Richards. “We see this as the next step forward to providing a sharper betting experience for all bettors.”
Prime plans to maintain status quo in states
Prime Sportsbook debuted in the U.S. market in Ohio in September 2023 and has since launched online sports betting in New Jersey in 2024 and most recently in Kentucky in July of this year. It informed its users in those states of the voluntary bankruptcy pursuit via email this week.
Richards noted that while the company is working on specifics during the reorganization, the goal is to keep the established Prime Sportsbook brand intact, along with the company’s existing state relationships.
“It’s a new chapter for Prime Sportsbook and it’s going to be a good one,” he added.
In all of its states of operation, New Jersey-based Prime is a smaller player than many of the bigger-name sportsbooks. Its model, which aims to entice sharp bettors, means its margins are thin by design. That can make the company particularly susceptible to major changes in its markets, such as New Jersey’s recent tax increase to 19.75% of gross gaming revenue.
Prime Sportsbook’s then-CEO Lee Terfloth left the company in late 2024 and took up a new role with Delaware North, and co-founder and another former chief executive, Joe Brennan Jr., stepped away in February 2025.
Meanwhile, B2B tech provider Plannatech also has a footprint in some other states; it received a wagering license in August 2024 from the Arizona Department of Gaming through a partnership with San Carlos Apache Tribal Gaming Enterprise and decided to launch its BetCris brand there instead of Prime.
