At the start of NFL season, Fanatics will have a portfolio of brands live in 11 legal sports betting states and PointsBet Casino will be live in four states.
On June 30, 2023, PointsBet Shareholders approved the $225m acquisition of its US operations, proposed by Fanatics on a debt-free basis.
Fanatics closed on the first eight states in its previously announced acquisition of the US operations of PointsBet. This means Fanatics has acquired the business' operations in the following states: Colorado, Iowa, Kansas, Maryland, New Jersey, Pennsylvania, Virginia and West Virginia; with additional state closings to continue throughout the year.
The rebrand to ‘PointsBet, a Fanatics Experience’ will be enacted on a state-by-state basis. This means PointsBet US will continue its operations under the same name in Indiana and Illinois until Fanatics closes those states later in the year.
Furthermore, with Fanatics having already launched its sportsbook in Maryland, customers in that state will have access to both PointsBet and Fanatics Sportsbook during the 2023 NFL season.
In addition, Fanatics will begin integrating Banach Technology’s risk management platform and trading models into the Fanatics Sportsbook app.
Matt King, CEO of Fanatics Betting & Gaming, commented: “We are excited about what we are building at Fanatics Betting and Gaming and this acquisition accelerates our plans. We have a 10-year plan that focuses on the customer and not market share.
“We are going to acquire customers efficiently, allowing us to return savings to customers by investing in the customer experience at Fanatics Sportsbook and PointsBet, a Fanatics Experience.”
