Fanatics Betting and Gaming has now formally acquired PointBet’s US operations, after beginning the process in 2023.
Valued at $225Million, the purchase marks a key milestone in Fanatics Betting and Gaming (FBG)’s strategy of expansion in the US online gaming and sports betting market.
This acquisition includes transferring all remaining PointBet US entities that constitute sports wagering, advance-deposit wagering and iGaming operations.
On top of this, FBG also now holds a license to use PointsBEt’s proprietary technology platform, Banach Technology.
The confirmation of this expansion has accelerated Fanatics’ plans to grow. The operator is now able to make its Fanatics Sportsbook available to around 95% of the American online sports betting market.
Nineteen states will now be included in FBG’s online operations, pending regulatory approval. These are 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 Betting And Gaming Expansion Includes Casinos
Meanwhile, Fanatics Casino can currently be accessed online in Michigan, Pennsylvania and West Virginia. There are also plans to expand the online casino offering into New Jersey.
As well as the 19 states FBG operate in, they will also oversee 19 retail betting locations. This includes the only retail sportsbook located inside an NFL stadium, at the Commanders Field in Maryland.
Fanatics Betting and Gaming CEO Matt King 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.”
This latest acquisition follows other recent expansions in the US by FBG. The Fanatics Sportsbook also recently launched in Kansas.