PointsBet license transferred to Fanatics in 10 of 14 states during Q3

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PointsBet has confirmed that 10 of the 14 licenses that it held in the US have been transferred over to Fanatics in the wake of the sale completed earlier this year. 

In its latest quarterly report, Pointsbet explained that four states are yet to transfer PointsBet’s licenses to Fanatics, as the transition period continues. The firm recently gained clearance from the New York State Gaming Commission to transfer the license over, which will take place in the fall.

PointsBet explained that the deal was formally closed on 31 August when it received the first instalment of $175m in cash. The rest of the payments will be paid in Q1 of 2024 based on certain contingencies. 

Fanatics agreed to buy PointsBet’s US business in June for $225m after a tussle with DraftKings, which countered Fanatics’ original $150m bid. PointsBet shareholders agreed to the Fanatics proposal at the end of June then the transition work began. 

Since then, Fanatics has begun its rollout across the 14 states PointsBet was live in, however, in several of those states where the license changeover hasn’t occurred, the sportsbook is known as “Pointsbet, A Fanatics Experience”. 

The Fanatics Sportsbook app is on the Amelco platform but the operator is integrating the Banach Technology pricing mechanism that it acquired as part of the PointsBet deal into the app, making the formal switch to Fanatics across those states that aren’t yet under the correct license name.