Fanatics is now available in all 20 states where PointsBet was operational ahead of the acquisition. The group said its latest entry means its sportsbook is offered to approximately 95% of the US online market.
Fanatics concluded its $225m (£178.2m/€207.0m) acquisition of PointsBet’s US operations in April 2024, with the deal agreed last year.
Fanatics said PointsBet’s New Jersey customers’ user names, passwords, account balances, rewards points and responsible gaming settings will be automatically migrated to the Fanatics Sportsbook.
New Jersey is also the fourth state for its online casino. The platform features a range of classic and popular casino favourites like roulette and slots.
The Fanatics Sportsbook is already available in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Vermont, Virginia and West Virginia.
Fanatics Casino is also available online in Michigan, Pennsylvania and West Virginia.
Fanatics operates 19 retail locations including retail sportsbooks outside of Progressive Field and Nationwide Arena and the only sportsbook inside an NFL stadium at Commanders Field.
How Fanatics acquired PointsBet’s US business
The operator made its $225m offer to acquire PointsBet US in June 2023 following a bidding war with DraftKings. The company had struck an agreement with PointsBet to acquire its US business in May for $150.0m and shareholders were due to vote on this at a meeting on 30 June.
However, in June, news broke that DraftKings had submitted a higher proposal worth $195.0m. PointsBet said it would engage with DraftKings over what it said could be a “superior” proposal. Upon confirmation of the improved offer, DraftKings announced that it would no longer pursue a deal to acquire PointsBet US.
Over the last year, Fanatics has taken over from PointsBet in each of the states it was operational. Last month it took over PointsBet’s operations in Kansas, while also rolling out in North Carolina when the state officially launched its legal sports betting market.
Original article: https://igamingbusiness.com/strategy/ma/fanatics-concludes-pointsbet-takeover-new-jersey/
