Fanatics Betting and Gaming has completed the acquisition of PointsBet’s US business in eight states.
The deal is now complete in New Jersey and Pennsylvania, following regulatory approvals. FBG also completed in Colorado Iowa Kansas Maryland Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia West Virginia
PointsBet has confirmed that Fanatics, a subsidiary of PointsBet, has paid the first instalment of $175m towards the $225m headline price. The price was agreed on in June 2023.
PointsBet will be rebranded as “PointsBet: a Fanatics’ Experience” in all eight states starting today. In the next few months, Indiana and Illinois will be rebranded.
PointsBet USA continues to operate in Illinois. Indiana, Louisiana. Michigan. New York. It will continue to operate until Fanatics can close down on certain states.
The chief executive officer of FBG, Matt King said: “We are excited by what we are building and this acquisition accelerates the plans that we have.”
We have a 10-year strategy that is focused on the customer, not market share. We will acquire customers efficiently and return savings to our customers by investing in their Fanatics Sportsbook experience.
Growth and diversification
This development occurs just two months after PointsBet shareholders approved a $225m deal. The deal included its US sports betting and icasino business, as well as its Banach Technology Platform.
The licence also allowed you to use the proprietary PointsBet technology platform.
FBG’s brands will be live at the start of NFL season in 11 states that allow sports betting. PointsBet Casino is live in four states.
FBG said that PointsBet USA would continue to hire engineers, customer service staff, and marketing teams. FBG will provide an influx of capital for operating purposes.
Johnny Aitken continues as CEO of PointsBet USA.
FBG said in a press release that “This strategic acquisition complements Fanatics Betting and Gaming’s growth and diversification over the last two years.” “Fanatics Betting and Gaming is adding PointsBet’s online casino platform which is available in 4 states to the Fanatics’ online casino offering that is set to launch in the United States later this year.
“Fanatics Betting and Gaming, Inc. will also begin to integrate Banach Technology’s Risk Management Platform and quantitatively driven trading models in the Fanatics Sportsbook App, which is now available on iOS and Android devices for sports fans from Maryland, Massachusetts Ohio and Tennessee.”
