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Fanatics buying PointsBet’s U.S. operations for $150M to grow sports betting, i-casino market share

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Fanatics Betting and Gaming is buying the U.S. operations of Australian sportsbook PointsBet for $150 million in a move that will help the sports apparel and memorabilia giant gain market share in the American sports betting and online casino markets.

The companies said Sunday night that PointsBet shareholders will vote on the sale in late June. It still faces numerous regulatory approvals.

Fanatics currently operates sports betting for its existing customers in Tennessee and Ohio and has a retail sportsbook in Maryland. PointsBet would add about 14 states to its reach, once state regulatory approvals are obtained. PointsBet differentiated itself from competitors through a novel betting option in which the closer a person’s prediction was to the actual result the more they could win. The reverse held true for losses, as well.PointsBet acknowledged the difficulties competing in the U.S. sports betting market, which is dominated by FanDuel and DraftKings. Those two companies have more than 70% of the legal sports betting market over the past 12 months.

PointsBet said it is currently the seventh-largest U.S. sports betting company out of more than 60 online licensees. But is acknowledged it was not likely to be cash-flow positive in the near future, and its current cash is insufficient to fund its U.S. business to the point of profitability.

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