Fanatics, the sports merchandise giant, has unveiled its intention to acquire the US business of Australia’s PointsBet for a reported £150 million. PointsBet currently operates in multiple states across the United States, offering online sports betting services.
Acquisition Details:
Fanatics will pay a significant £150 million to acquire PointsBet’s US operations.
PointsBet has a prominent presence in various US states, including Colorado, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, West Virginia, and Virginia.
Joint Statement:
A joint statement from Fanatics and PointsBet expressed excitement about the deal and noted the confidence in the acquisition’s successful outcome.
Further details regarding the acquisition and its progress are expected to be revealed in the coming weeks.
Background:
Fanatics Betting and Gaming is the online and retail sports betting division of the Fanatics digital sports platform.
Fanatics announced Hank Couture as Chief Operating Officer (COO) in March, signaling its growing focus on the sports betting market.
Responsible Gaming Coalition:
Fanatics Betting and Gaming, along with PointsBet, has joined a responsible gaming coalition formed in September.
The coalition, including Bally’s, BetMGM, DraftKings, Entain, FanDuel, MGM Resorts International, Hard Rock Digital, and PointsBet, has agreed upon 12 responsible gaming principles.
These principles are reviewed externally by a panel of experts to guide future responsible gaming initiatives within the industry.
The Fanatics acquisition of PointsBet’s US business for £150 million represents a significant development in the US sports betting landscape. With PointsBet’s presence in several states, this deal reflects Fanatics’ commitment to expanding its reach in the sports betting and gaming industry. Moreover, the participation of Fanatics and PointsBet in the responsible gaming coalition underscores the industry’s commitment to promoting safe and responsible gambling practices.