By
Amelia Walker
Senior Content Writer Updated: 17 April 2024
Amelia Walker Senior Content Writer
Amelia Walker is a Senior Content Writer at Betting.US. She has a law degree and deep knowledge of the gambling laws in the United States. Her mission is to keep players informed about responsible gambling, while her passion for sports helps her create useful guides. Amelia has over a decade of experience in betting, which has positioned her as a trusted voice among our readers.
Fanatics Betting and Gaming (FBG), a subsidiary of Fanatics Holdings Inc., has officially closed its acquisition of PointsBet’s US businesses, marking a significant milestone in the company’s expansion plans.
The final installment of the $225 million purchase price was paid to PointsBet Holdings Limited (ASX:PBH), transferring the remaining entities to FBG, including PointsBet’s US sports wagering, advance-deposit wagering, iGaming operations, Banach Technology, and a copy of the PointsBet platform with a license to use the proprietary technology.
The acquisition has propelled Fanatics Sportsbook’s availability to an impressive 95% of the addressable online sports betting market in the United States. By the end of April 2024, Fanatics Betting and Gaming will be operating online in 20 states, pending regulatory approvals, including Colorado, Indiana, Iowa, Maryland, New York, and Ohio.
The company will also provide betting operations to 19 retail locations, including the only retail sportsbook inside an NFL stadium at Commanders Field in Maryland.
Matt King, CEO of Fanatics Betting and Gaming, expressed enthusiasm about the acquisition’s impact on the company’s growth, stating that the purchase of the US businesses of PointsBet:
Has supercharged 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.
More than 200 PointsBet employees will join FBG in various roles, with Mark Hughes and Aonghus Mulvihill joining the executive leadership team at Fanatics Betting and Gaming from PointsBet USA.
Fanatics Betting and Gaming has been working hard to migrate PointsBet customers onto the Fanatics Sportsbook and Casino platform while incorporating PointsBet’s risk management platform and quantitative-driven trading models from Banach Technology to enhance its market offerings.
The Fanatics Sportsbook boasts unique features, such as offering customers up to 5% of their wager back in FanCash, a unique loyalty program that’s proved incredibly popular with users.
The platform prioritizes ease of use with a quick signup process, easy bet placement, and fast withdrawals. The entire platform now rivals other top betting apps in the US, and it will focus exclusively on iOS and Android users.
The newly designed Fanatics Casino, which is embedded directly within the Fanatics Sportsbook app, also features a range of classic and popular casino favorites like roulette, slots, and blackjack. Fanatics Betting and Gaming has also produced exclusive casino content, including the popular Fanatics Blackjack game developed in partnership with Boom Entertainment.
As Fanatics continues to expand its presence in the US sports betting and iGaming markets, the successful acquisition of PointsBet’s US operations marks a significant step forward in the company’s growth strategy.
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