Fanatics Betting and Gaming (FBG) has officially concluded its acquisition of the US businesses of PointsBet. The acquisition, valued at $225m and dating back to 2023, marks a milestone in FBG's expansion strategy within the online sports betting and gaming market.
The transaction includes the transfer of all remaining entities that constitute PointsBet’s US sports wagering, advance-deposit wagering and iGaming operations to FBG. Additionally, FBG has obtained a licence to use PointsBet's proprietary technology platform, Banach Technology.
The acquisition has expedited FBG's growth plans, enabling the company to make its Fanatics Sportsbook available to approximately 95% of the addressable online sports bettor market in the US.
FBG is set to operate online in nineteen states, pending regulatory approvals, including 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.
Fanatics Casino, meanwhile, is accessible online in Michigan, Pennsylvania and West Virginia, with plans for expansion into New Jersey.
FBG will also oversee betting operations at 19 retail locations, including the only retail sportsbook located within an NFL stadium at Commanders Field in Maryland.
Matt King, FBG CEO, said: “The acquisition of the US businesses of PointsBet has super charged our expansion plans. 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 completion of this acquisition follows FBG's expansion into Kansas, where the Fanatics Sportsbook app was launched.
