Fanatics Prepares Illinois Entry Following $225 Million PointsBet US Purchase

Fanatics has successfully purchased PointsBet US.

Fanatics has completed buying PointsBet US for $225 million, a deal agreed upon last June. They now own PointsBet's US betting business, Banach Technology, a version of the PointsBet software, and a license for unique technology. After paying the final $50 million, Fanatics has grown its presence in the US online sports betting industry.

Fanatics Sportsbook is set to expand its reach to a wide audience.

With this deal done, Fanatics Sportsbook will soon be available to most of the online sports bettors in the United States. They are working on setting up their services in New Jersey and Illinois, and that should be ready in about a month. Once that's done, people in 20 states, including big places like Massachusetts, Michigan, New Jersey, New York, and Pennsylvania, will be able to use it, as long as the local governments say it's okay.

Fanatics Casino manages gaming activities while their retail division handles store sales.

Fanatics Casino is well-known online in states like Illinois, Michigan, Pennsylvania, West Virginia, and will be in New Jersey soon. They are also going to manage the betting areas in 19 physical spots, including a sports stadium in Maryland where the NFL team the Commanders play. This is special for Fanatics.

Leadership and Team Expansion

Mark Hughes and Aonghus Mulvihill from PointsBet USA have joined the leadership team at Fanatics. The company has welcomed over 200 former PointsBet employees to work in different roles. Fanatics has also taken control of the prior PointsBet offices located in Colorado and Ireland, showing they are growing their business.

The process of buying out a company and introducing new procedures.

Fanatics initially offered $150 million to buy PointsBet US, but DraftKings made a higher offer of $195 million. Despite considering the higher bid, PointsBet accepted a revised, bigger offer from Fanatics. Following this, DraftKings withdrew. Over the last year, Fanatics has gradually taken responsibility for PointsBet's operations in the US, expanding into Kansas and North Carolina most recently.

List of States with Fanatics’ Operations

• Illinois
• Massachusetts
• Michigan
• New Jersey
• New York
• Pennsylvania
• West Virginia
• Kansas
• North Carolina

Fanatics is growing its business. It's already set up in several places and plans to be online in 20 states by the end of the month. In New Jersey and Illinois, they're moving from working with Pointsbet to using their own services, reaching new customers.