Fanatics Completes Acquisition of PointsBet US and Launches in Illinois
Fanatics Betting and Gaming (FBG) has completed its acquisition of PointsBet's entire US business after closing on the brand's final state, Illinois.
LISTEN TO THIS ARTICLE:PointsBet has confirmed receiving the final $50 million installment of the $225 million purchase price agreed last June. PointsBet has now transferred all remaining entities that made up its US B2C gambling operations to Fanatics. This includes Banach Technology, a copy of the PointsBet proprietary platform, and a license to use that technology platform.
Fanatics Now Available to 95% of Regulated US Market
Fanatics has said that with this closure, its sportsbook will be available to 95% of the addressable online sports betting market in the US. The company still has to migrate customers and operations from PointsBet to Fanatics in New Jersey and Illinois, which will happen within 30 days.
The acquisition of the US businesses of PointsBet has supercharged our expansion plans. 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 who have already made an impact on our business.
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Fanatics Reaches Its 20th State
By the end of April, Fanatics will be live online for sports betting in 20 states, including Massachusetts, Michigan, New Jersey, New York, and Pennsylvania, pending regulatory approvals. Its Fanatics Casino is currently online in Illinois, Michigan, Pennsylvania, and West Virginia, with New Jersey to follow.
Fanatics will also run the betting operations at 19 retail sportsbook locations, including the only in-stadium sportsbook at the Washington Commanders' stadium in Maryland.
Mark Hughes and Aonghus Mulvihill from PointsBet USA's leadership will join Fanatics' executive team. Over 200 other PointsBet employees are being brought on in various roles, and Fanatics took over PointsBet's former offices in Colorado and Ireland.
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