Fanatics Betting and Gaming has officially concluded its acquisition of the US businesses of PointsBet. The deal, valued at $225 million and dating back to 2023, marks a major milestone in FBG’s expansion strategy within the US online sports betting and gaming market.
The transaction includes the transfer of all remaining entities that constitute PointsBet’s US sports wagering, advance-deposit wagering, and iGaming operations to FBG. Additionally, FBG has obtained a license to use PointsBet’s proprietary technology platform, Banach Technology.
The acquisition accelerated the company’s growth plans, making the Fanatics Sportsbook available to 95% of the addressable online sports bettor market in the U.S. By the end of the month, Fanatics Betting and Gaming will be operating online in nineteen states, pending regulatory approvals, including Arizona, Colorado, Connecticut, Indiana, Illinois, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Vermont, Virginia and West Virginia.
Meanwhile, Fanatics Casino is accessible online in Michigan, Pennsylvania, and West Virginia, with plans for expansion into New Jersey. FBG will also oversee betting operations at 19 retail locations, including the only retail sportsbook located within an NFL stadium at Commanders Field in Maryland.
“The acquisition of the US businesses of PointsBet has supercharged our expansion plans,” said Matt King, CEO of Fanatics Betting and Gaming. “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.”
Mark Hughes and Aonghus Mulvihill will join the executive leadership team at Fanatics Betting and Gaming from PointsBet USA. In addition, more than 200 PointsBet employees are joining FBG in a variety of roles and the company has taken over the leases of the former PointsBet offices in Denver, CO, and Dublin, Ireland.
Over the last year, Fanatics Betting and Gaming has been migrating PointsBet customers onto the Fanatics Sportsbook and Casino platform and incorporating PointsBet’s risk management platform and trading models from Banach Technology to enhance its offerings. The completion of this acquisition follows the recent FBG expansion into Kansas, where the Fanatics Sportsbook app was launched.
Original article: https://www.yogonet.com/international/noticias/2024/04/04/71571-fanatics-completes-225m-acquisition-of-pointsbet-us-business
