Fanatics Betting and Gaming, the subsidiary of Fanatics Holdings, has closed its acquisition of PointsBet's US operations.
PointsBet confirmed the receipt of the final instalment of the headline purchase price of US$225m and has transferred the remaining entities to FBG.
“The fact that we have achieved completion of this transaction with no delays speaks to both PointsBet and FBG being reputable, high compliance businesses with constructive regulator relationships," said PointsBet's managing director and group CEO Sam Swanell.
“I would like to thank the entire PointsBet team on their significant efforts through what has been a complex technical and operational migration. Completing this separation while at the same time delivering outstanding results for the ongoing business has been a fantastic achievement. In particular, I would like to thank our CTO Jerry Bowskill who leaves the business today for his tremendous leadership and dedication in closing this significant transaction.”
The acquisition accelerated the company’s growth plans, making the Fanatics Sportsbook available to 95 per cent of the addressable online sports bettor market in the US. By the end of the month, Fanatics Betting and Gaming will be operating online in Arizona, Colorado, Connecticut, Indiana, Illinois, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Vermont, Virginia and West Virginia, pending regulatory approvals.
“The acquisition of the US businesses of PointsBet has super charged our expansion plans,” added Matt King, CEO of Fanatics Betting and Gaming.
“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.”
