Fanatics Betting and Gaming has closed on its acquisition of PointsBet US after closing in Illinois, the 20th and last state for this brand.
PointsBet confirmed that it had received the final payment of the $225m headline price agreed in June and transferred all remaining assets to Fanatics.
The deal includes the PointsBet B2C US gambling operation, Banach Technology and the PointsBet proprietary platform, as well as a license to use it.
After this closing, Fanatics’ sportsbook will become available to 95% or the online betting market for sports in the US. The remaining tasks will include moving New Jersey and Illinois over to Fanatics. This migration is expected to take place within the next thirty days.
PointsBet has confirmed that a $50m final payment was made for the completion of this transaction.
Matt King, FBG’s chief executive officer said: “The acquisition by Fanatics Betting and Gaming of PointsBet of its US business has increased our plans for expansion.”
The team is made up of talented and passionate individuals who have been recruited from PointsBet USA and have already had a positive impact on the business.
Illinois-Fanatics is soon to be available in all 20 States
In the next few weeks, Fanatics Casino will operate online in at least 20 states including Massachusetts, Michigan and New Jersey. Fanatics Casino can be accessed online in Illinois Michigan Pennsylvania West Virginia and New Jersey. Fans will provide betting operations at 19 retail locations including the only retail Sportsbook in an NFL Stadium, Commanders Field Maryland.
Mark Hughes and Aonghus Mullvihill, both from PointsBet USA will be joining the Fanatics executive leadership team. More than 200 PointsBet staffers are also joining Fanatics in various roles. The company has also taken over leases for the old PointsBet office in Colorado, and Ireland.
Fanatics’ $225m bid to buy PointsBet US was made in June 2023 after a competitive bidding with DraftKings. Fanatics and PointsBet had reached an agreement in May to purchase the US operations of PointsBet for $150.0m. Shareholders were to vote at a shareholder meeting scheduled on 30th June.
In June however, it was revealed that DraftKings submitted a proposal for $195.0m. PointsBet announced that it was willing to engage DraftKings in order to discuss what they believed would be an “improved” offer. DraftKings confirmed that the Fanatics improved offer was accepted and it announced they would not pursue an acquisition of PointsBet US.
In the past year, Fanatics took over PointsBet’s operations in all the states where it operated. It took over PointsBet operations in Kansas last month, and also rolled out in North Carolina as the state launched its official sports betting market.
