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Fanatics to acquire U.S. business of PointsBet as it aims to grow sports betting operation

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Fanatics, the world’s largest sports apparel and collectibles company, has entered into an agreement to purchase the U.S. business of Australian-based PointsBet for $150 million, the companies announced Sunday night.

Michael Rubin's Fanatics is synonymous with sports apparel. He wants it to be synonymous with sports betting.Fanatics, the world’s largest sports apparel and collectibles company, has entered into an agreement to purchase the U.S. business of Australian-based“While there are still several steps in the process to complete the acquisition, both parties are confident in the outcome,” they said in a joint statement. Updates will be provided “in the coming weeks.

Acquiring PointsBet allows Fanatics a route into multiple major markets, including Pennsylvania and New Jersey. Fanatics had recently applied for a sports betting license in New York but did not receive one. But because PointsBet is in New York, Fanatics now has a lane into one of the largest markets.PointsBet is operational in Colorado, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Michigan, New Jersey, New York, Ohio, Pennsylvania, West Virginia, and Virginia.

, citing potential conflicts of interest — Fanatics’ sports betting business likely being at the top of that list.

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