Fanatics reach the finish line on $225M acquisition of PointsBet US

A man holds a chequered flag
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Fanatics Betting and Gaming (FBG) has completed its rebrand of B U.S. businesses after closing on its final state, Illinois.

PointsBet confirmed that it received the final installment of the agreed $225 million fee and has transferred the remaining entities to Fanatics.

This includes the remaining entities that make up its U.S. sports wagering, advance-deposit wagering and iGaming operations, Banach Technology, a copy of the PointsBet platform and a license to use that proprietary technology platform.

FBG initially hoped to acquire PointsBet’s U.S. business for $150 million however a late $195 million bid from rivals DraftKings forced the operator into paying the higher price of $225 million.

Illinois will be Fanatic’s 20th state

By the end of the month, subject to regulatory approval, FBG will be live in 20 states including Michigan, New Jersey, New York and Pennsylvania. Fanatics Casino is available in Michigan, Pennsylvania and West Virginia with New Jersey to follow.

FBG says that completion in Illinois means that the Fanatics Sportsbook will be available to 95% of the addressable sports bettor market in the U.S.

“The acquisition of the US businesses of PointsBet has super charged our expansion plans,” said FBG CEO Matt King.  “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.”  

In each state PointsBet customers were able to use their existing username and password to access the Fanatics Sportsbook app and their account balances, reward points and responsible gaming settings were transferred to Fanatics.

Last month Fanatics launched in Kansas and North Carolina, following the launch of online sports betting in the Tar Heel State.

Fanatics acquire people and places

As part of the acquisition Mark Hughes and Aonghus Mulvihill will join the Fanatics Betting and Gaming executive leadership team from PointsBet USA. 

In addition, Fanatics has taken over the leases of the former PointsBet offices in Denver, Colorado and Dublin, Ireland and over 200 PointsBet employees will join FBG in a variety of roles.

Fanatics expand retail locations

Fanatics Sportsbook is also live at 19 retail locations, including the only retail sportsbook inside an NFL stadium at Commanders Field, home of the Washington Commanders. Most recently it opened up a location at the Total Mortgage Arena in Bridgeport, Connecticut

Fanatics serves as the Connecticut Lottery Corporation’s exclusive sports betting partner after taking over from Rush Street in December 2023. Its newest retail location follows the XL Center, home of the UConn Huskies, as the second sports venue in the state to have a retail location.