- Fanatics to acquire PointsBet’s US online casino and sports betting business for $150 million, expanding its presence from 4 to 16 states.
- The deal is subject to approval by PointsBet shareholders in late June and regulatory authorities.
- Fanatics will gain access to major markets like Michigan, New Jersey, New York, and Pennsylvania, among others.
- PointsBet will retain operations in Australia, Canada, and India while providing Fanatics with a license to use its software in the US.
- The agreement represents a significant move in the US iGaming market, offering Fanatics a strategic advantage.
“The sale of the US business to FBG delivers the most attractive risk-adjusted value outcome for shareholders compared to the risks and benefits of other options, including the status quo.”
Fanatics and PointsBet announced an agreement under which the retailer of sports merchandise and collectibles will acquire the latter’s online casino and sports betting business in the US for $150 million.
Once completed, the agreement will make Fanatics a bigger iGaming brand in the US, increasing its current presence from four states to 16.
Under the agreement announced Sunday, parent company PointsBet Holdings Limited will sell its US operations to Fanatics Betting and Gaming (FBG) but will retain its businesses in Australia, Canada, and India. Australia-based PointsBet will also maintain its proprietary iGaming platform but will issue Fanatics a license to use its software in the US.
The stock-and-equity deal still needs approval by regulators and shareholders in PointsBet. The Australian company said the next shareholder meeting will be held in late June.
Agreement Would Give Fanatics Access to 12 More States
Fanatics opened its first retail sportsbook in Maryland in January — at FedEx Field, home of the NFL’s Washington Commanders. It was the first time a retail sportsbook had been opened inside an NFL stadium.
