The $225 million purchase of PointsBet Holdings Limited’s U.S. assets by Fanatics was unanimously approved by the company’s shareholders at a meeting late Thursday night, paving the way for the startup sportsbook’s growth into a number of significant sports betting states in the upcoming months.
Only four states accepts sports wagers, but after the acquisition, Fanatics will have access to more than 15 American jurisdictions. After the PointsBet board overwhelmingly endorsed Fanatics Betting and Gaming’s (FBG) enhanced proposal on Tuesday evening, the meeting was mostly devoid of suspense. After DraftKings failed to submit a legally-binding offer for PointsBet’s American subsidiary by the deadline set by Melbourne earlier that evening, the board unilaterally approved the bid from Fanatics.
Once we decided to sell the U.S. business, we turned our attention to finding the right business partner. Fanatics identified in PointsBet many of the attributes needed to be successful in entering the online market. In turn, Fanatics has a strong brand and an extensive sports customer base with a fanatical interest in sports.Brett Paton Chairman PointsBet
We are thrilled that the shareholders of PointsBet Holdings Inc. voted to approve our acquisition of the U.S. businesses of PointsBet. We moved decisively to close the deal and we look forward to working with our friends at PointsBet Holdings Inc. to finalize the remaining acquisition details. This is a pivotal moment for Fanatics Betting and Gaming that will accelerate our growth in the legal online sports betting, advance deposit wagering and iGaming markets in the United States. Pending regulatory approvals in the various states in which PointsBet operates, we will have more details to share in the coming weeks on how the acquisition of PointsBet US businesses will bring to life our unique vision for Fanatics Betting and GamingFanatics spokesperson.
By August 31st, the first phase of the PointsBet agreement should be completed. At that time, Fanatics will have the option of acquiring the businesses that own and run PointsBet’s operations in at least three states. As a result, by the start of the NFL regular season, Fanatics may attempt to open an online sportsbook in well-known states including New York, Illinois, and Pennsylvania.