Fanatics Betting and Gaming has closed on its previously announced PointsBet US business acquisition in its final state of Illinois.
PointsBet confirmed receipt of the final instalment of the headline purchase price of $225m and has transferred the remaining entities to Fanatics.
This includes all of the remaining entities that make up PointsBet’s US sports wagering, advance-deposit wagering and igaming operations, Banach Technology, a copy of the PointsBet platform and a licence to use that proprietary technology.
Fanatics noted that the resulting transaction has accelerated its growth plans, with the Fanatics Sportsbook now available across 95 per cent of the addressable US online sports betting market.
PointsBet’s Mark Hughes and Aonghus Mulvihill will join the company’s executive leadership team, in addition to more than 200 PointsBet employees in a variety of roles. The company has also taken over the leases of PointsBet offices in Denver, CO and Dublin, Ireland.
“The acquisition of the US businesses of PointsBet has supercharged our expansion plans,” commented 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.”
Fanatics Betting and Gaming will be operational in 20 US states by the end of the month, pending regulatory approvals. Fanatics Casino is available online in Michigan, Pennsylvania and West Virginia with New Jersey to follow.
The operator also has 19 retail locations, including a retail sportsbook inside Commanders Field NFL stadium in Maryland.