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The $225 million acquisition of PointsBet’s US businesses by Fanatics Betting and Gaming (FBG) has been completed. The transaction is expected to begin in 2023. With this acquisition, FBG is taking a big step toward its goal of increasing its market share in the US online sports betting and gaming market.
The deal includes all of the remaining companies related to PointsBet’s US sports betting, pre-deposit betting, and iGaming ventures being transferred to FBG. Furthermore, FBG has been granted permission to make use of PointsBet’s own technological platform, Banach technological.
The acquisition has expedited FBG’s growth trajectory, positioning the Fanatics Sportsbook to cater to 95% of the addressable online sports bettor market in the United States. By the month’s end, FBG anticipates operating online in nineteen states, contingent upon regulatory clearances, including high-potential markets such as Arizona, Michigan, and New Jersey.
Meanwhile, Fanatics Casino is now accessible online in Michigan, Pennsylvania, and West Virginia, with plans underway for expansion into New Jersey. FBG will also manage betting operations at 19 brick-and-mortar locations, including the sole retail sportsbook situated within an NFL stadium at Commanders Field in Maryland.
Matt King, CEO of Fanatics Betting and Gaming, expressed enthusiasm about the acquisition’s impact on the company’s trajectory, stating, “The acquisition of the US businesses of PointsBet has supercharged our expansion plans.”
To bolster its leadership team, FBG has onboarded Mark Hughes and Aonghus Mulvihill from PointsBet USA. Additionally, over 200 PointsBet employees have transitioned to FBG, assuming various roles. FBG has also taken over the leases of former PointsBet offices in Denver, CO, and Dublin, Ireland.
Over the past year, FBG has been seamlessly migrating PointsBet customers onto its platform while integrating PointsBet’s risk management platform and trading models from Banach Technology to enhance its offerings. The completion of this acquisition coincides with FBG’s recent foray into Kansas, where the Fanatics Sportsbook app was launched.