Fanatics has completed its acquisition of PointsBet US following the completion of a $225m payment. The payment saw Fanatics Betting and Gaming acquire PointsBet’s remaining operations in the US (not Canada or Australia), including all PointsBet’s US sports wagering entities, iGaming operations and Banach Technology.
The acquisition was first announced in May of last year with the company set to pay $150m for the acquisition of PointsBet’s US operations, though after winning a bidding war against DraftKings, agreed to pay $225m with the goal of completing the acquisition by the end of March.
While slightly behind schedule, the acquisition is now complete.
With the finalization of the acquisition, over 200 PointsBet staff are set to join the Fanatics Betting and Gaming team, with Mark Hughes and Aonghus Mulvihill from PointsBet US to join the executive leadership. Fanatics Betting and Gaming has also taken over the lease of the company’s offices in Denver and Dublin, Ireland.
On the acquisition, Fanatics Betting and Gaming CEO Matt King said, “The acquisition of the US businesses of PointsBet has super charged our expansion plans. In addition to our migration of PointsBet customers and technology to the Fanatics 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.”
By the end of the month, it is expected that the Fanatics Sportsbook will be available in roughly 20 states. Recent state launches include Kansas, Connecticut, New York and Indiana, where PointsBet player information including usernames, passwords and account balances were automatically migrated onto the Fanatics Sportsbook.
