PointsBet is the seventh-largest operator in the U.S. but has a relatively small market share compared to FanDuel and DraftKings. What PointsBet does provide Fanatics is the ability to rapidly expand its geographical footprint. Fanatics has launched a beta product, first in Ohio and Tennessee and now also in Maryland and Massachusetts, but acquiring PointsBet gives Fanatics access to a dozen new markets, including Pennsylvania, New Jersey, and New York.
Rubin sold his minority share of the 76ers last June. Later that year, Fanatics hit a valuation of $31 billion. It has gone from a leading apparel company to an apparel, merchandise and collectible giant and is adding sports betting to that list with an app and rewards program it says will separate itself from others in the industry.
Fanatics has been focused on trying to get up and running with its new sports betting app in multiple markets by the start of football season. There are no concrete plans or timelines for when the company will launch in its new markets after the deal is finalized.
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