Fanatics Officially Acquires PointsBet in $225M Deal

• Fanatics has officially purchased PointsBet US assets for $225 million.
• Fanatics has added 14 more states where they can offer legal sports betting.
• The shareholders for PointsBet approved the sale with over 95% in favor.

NEW YORK – Fanatics has officially acquired PointsBet, after over a month of heavy pursuit. Fanatics originally offered $150 million to purchase the 14 licenses that the sportsbook holds in the US. However, DraftKings bid on PointsBet as well, forcing Fanatics to increase their bid.

Fanatics eventually landed on a $225 million offer accepted by PointsBet, as the deal is now finalized. This bid led to DraftKings dropping their $195 million bid, resulting in some speculation about the intention of DraftKings. While Fanatics will control the US-based operations, PointsBet still controls all of their assets in Australia and Canada. It’s expected that Fanatics will officially launch some of their newly attained markets in the next few months.

Before the acquisition, Fanatics already has licenses for legal sports betting in four states. The mobile app for Fanatics Sportsbooks is currently in beta mode.

The PointsBet Shareholders did not show much hesitation in selling the rights to Fanatics. After the bid increased to $225 million, the shareholders approved the purchase with 99.16% of votes in favor of the transaction.

The official transfer of all 14 states from PointsBet to Fanatics will occur before May 2024. However, Fanatics will get to launch three new markets before the end of August 2023, which could include New York just in time for the NFL season.

News tags: DraftKings | Fanatics | PointsBet