Key Takeaways
- Fanatics Betting and Gaming (FBG) emerges victorious in the bidding war for PointsBet’s US assets.
- Fanatics raises its offer to $225 million, beating DraftKings’ $195 million bid.
- PointsBet board unanimously recommends approval of Fanatics’ improved proposal.
- The $225 million offer will be paid in two installments upon completion of the acquisition.
- Fanatics gains access to multiple US states, securing its position in the iGaming market.
Fanatics Betting and Gaming (FBG) has prevailed in the sudden bidding war that erupted over its proposed acquisition of the US assets of PointsBet.
Earlier this week, the Florida-based retailer of sports merchandise and collectibles raised its stock-and-equity offer for PointsBet’s US operations to $225 million, up from the $150 million that Fanatics initially offered on May 15.
The higher bid by Fanatics follows last week’s surprise offer of $195 million by DraftKings.
