The 2021-launched fast-growing online gaming and sports betting operator, a subsidiary of Fanatics Holdings Inc., Fanatics Betting and Gaming (FBG), confirmed the completion of the acquisition of PointsBet’s US businesses. The announcement came Wednesday with FBG confirming that PointsBet Holdings Limited received the final installment of the landmark $225 million acquisition.
The closing of the acquisition also means that PointsBet Holdings has transferred all remaining entities to FBG, including Banach Technology, its US sports wagering, iGaming and advance-deposit wagering operations. Along with the transfer, Fanatics was granted a license to use the technology and a copy of PointsBet’s platform.
Closing of the acquisition, FBG said that it transitioned PointsBet’s customers in Illinois. This was the 20th and final state covered under the takeover of PointsBet’s US-facing assets. Ultimately, the transition complemented Fanatics’ growth, allowing it to reach more customers than ever before. Now, the company anticipates launching its services in Illinois as well.
Besides Illinois, FBG will be offering its online services to customers in Colorado, Michigan, New Jersey, Iowa, New York, Pennsylvania, Ohio and a number of other important markets. Still, it is important to note that while launches in some of those markets are completed, others await regulatory approvals.
In addition to complementing the growth of Fanatics in the betting sector across the nation, the deal helped it gain access to more clients in the online gaming vertical. As a result, Fanatics currently offers iGaming via Fanatics Casino in Pennsylvania, Michigan and West Virginia. This growth and expansion is expected to continue with a planned launch in New Jersey as well.
Focusing on the retail betting sector, Fanatics already has a strong footprint. By now, the company offers retail wagering at 19 different locations, and it is the only sportsbook available inside an NFL stadium at Commanders Field in Maryland.
The Company Will Strengthen Its Workforce
Matt King, FBG’s CEO, revealed that the acquisition of the US assets of PointsBet supercharged the company’s growth. Additionally, he pointed out: “In addition to our migration of PointsBet customers and technology to the Fanatics Sportsbook and Casino platform, we have also added an incredibly talented team of passionate leaders from the ranks of PointsBet USA that have already made an impact on our business.”
“The acquisition of the US businesses of PointsBet has super charged our expansion plans,” said Matt King.“
Matt King, CEO of Fanatics Betting and Gaming
According to Fanatics, Aonghus Mulvihill, as well as Mark Hughes, will both join the company’s senior-level team, transitioning from PointsBet USA. What’s more, more than 200 PointsBet employees will strengthen Fanatics, bringing invaluable insights and fueling the company’s growth.