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Fanatics Betting and Gaming (FBG) has wrapped up its acquisition of PointsBet’s US businesses, including Illinois as the 20th and final state.
On Wednesday, PointsBet formally confirmed receipt of the final installment of the $225 million, adding that the company has since transferred the remaining businesses to FBG. These include all of the elements that make up PointsBet’s US operations, such as
- Sports betting operations
- Wagering with an advance deposit,
- iGaming operations
- Banach Technology
- A copy of the PointsBet platform,
- A license that allows for the use of PointBet’s proprietary technology platform
Illinois sports betting will have access to the brand and Fanatics Sportsbook promos beginning on April 5. Existing users will have their accounts transferred at that time.
PoinstBet Transitions Seamlessly
After leaving their positions at PointsBet USA, Mark Hughes and Aonghus Mulvihill will join Fanatics’ senior leadership team. Not just that, 200 PointsBet staff are joining Fanatics, taking on crucial positions in the company.
Additionally, Fanatics has taken over the leases for the previous PointsBet offices in Colorado, Denver, Dublin, and Ireland in hopes of maintaining operational efficiency while facilitating a seamless transition for its new hires by using the facilities and infrastructure already in place.
“The acquisition of the US businesses of PointsBet has super charged our expansion plans,” said Matt King, chief executive of Fanatics Betting and Gaming (FBG). In addition to our migration of PointsBet customers and technology to the Sportsbook and Casino platform, we have also added an incredibly talented team of passionate leaders from the ranks of PointsBet USA that have already made an impact on our business,” said Fanatics Chief Executive Officer Matt King.
Acquisition Part of Fanatics’ Expansion Plan
With the purchase, Fanatics’ expansion plans gained momentum, and the Fanatics Sportsbook has become widely accessible to 95% of the potential online sports betting market in the United States.
Subject to obtaining the required regulatory clearances, Fanatics Betting and Gaming plans to launch its online operations in several legal sports betting states by the end of this month. This includes top markets such as New Jersey, Ohio, Massachusetts, and New York.
Fanatics Sportsbook has grown to include 19 retail locations, with one of the most prominent locations being Commanders Field, the prestigious home field of the Washington Commanders, which is the only retail sportsbook inside an NFL stadium. The sportsbook also expanded its reach even further by opening a new location in the Total Mortgage Arena in Bridgeport, Connecticut.
With returns on bets of up to 5% in FanCash, the Fanatics Sportsbook is the ideal sports fan’s destination, as it offers quick signup, simple betting, and clear withdrawals. The recently added Fanatics Casino offers a wide selection of well-liked classics, including blackjack, slots, and roulette.
Fanatics Faceoff DraftKings for PointBet’s Bid
In the midst of a competitive battle with DraftKings in June 2023, Fanatics placed a $225 million bid to purchase PointsBet US. At first, Fanatics had sealed a $150.0 million contract with PointsBet in May, subject to shareholder approval at a June 30 meeting. But when word leaked out about DraftKings’ $195.0 million counteroffer in June, everything changed as PointsBet stated that it would be open to exploring this seemingly better offer from DraftKings.
However, Fanatics quickly increased their offer, and DraftKings immediately pulled out of the running. With a year’s worth of steady growth, Fanatics has replaced PointsBet in every state in which it operates. It recently took over the operations of PointsBet in Kansas, and at the same time, it launched in North Carolina’s new legal sports betting market.
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