Fanatics Betting and Gaming Thursday closed on a previously announced acquisition of PointsBet with the addition of the state of Illinois.
PointsBet confirmed receipt of the final installment of the headline purchase price of $225 million. The company transferred its remaining entities to Fanatics Betting and Gaming, including its U.S. sports wagering, advance-deposit wagering and iGaming operations, Banach Technology, a copy of the PointsBet platform and a license to use that proprietary technology platform.
“The acquisition of the U.S. businesses of PointsBet has super charged our expansion plans,” said Fanatics Betting and Gaming CEO Matt King in a statement. “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.”
Fanatics Betting and Gaming stated the acquisition accelerates growth plans and makes Fanatics Sportsbook available to 95% of the addressable online sports bettor market in the U.S. By the end of April, Fanatics Betting and Gaming will be operating online in 19 states, plus Illinois, pending regulatory approvals.
Fanatics Casino is currently available in Michigan, Pennsylvania and West Virginia, with New Jersey expected to follow. Fanatics Betting and Gaming also will provide betting operations to nineteen retail locations including the only retail sportsbook inside an NFL stadium at Commanders Field in Maryland.
PointsBet Chief Operating Officer Mark Hughes and Vice President Aonghus Mulvihill will be part of Fanatics Betting and Gaming executive leadership team. Over 200 PointsBet employees also are joining the company in various roles.
