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

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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Fanatics to buy PointsBet's U.S. sports-betting business for $150 millionFanatics Inc. will buy the U.S. operations of Australia's PointsBet for about $150 million, in the company's largest foray yet into sports betting.
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Fanatics to buy PointsBet's U.S. sports-betting business: reportFanatics will buy the U.S. operations of Australia's PointsBet, CNBC reported late Sunday, in the company's largest foray into sports betting.
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Fanatics to acquire U.S. business of PointsBet as it aims to grow sports betting operatingThe deal between Fanatics and PointsBet is for about $150 million and gives Fanatics more markets to grow its sports betting footprint.
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Fanatics to acquire U.S. business of PointsBet as it aims to grow sports betting operationFanatics, 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.
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