Fanatics goes live in eight PointsBet states with first steps since acquisition
Challenger operator rebrands sportsbook to ‘PointsBet, a Fanatics Experience’, following debut of its own app in four states last month
Fanatics Betting and Gaming has closed on the first eight states as part of its acquisition of PointsBet USA.
Following regulatory approval in Colorado, Iowa, Kansas, Maryland, New Jersey, Pennsylvania, Virginia, and West Virginia, PointsBet USA will be rebranded to ‘PointsBet, a Fanatics Experience’, with more states set to close in the coming months.
Players in Illinois and Indiana will see PointsBet rebranded in the coming months to PointsBet, a Fanatics Experience, but the company will continue to be operated by PointsBet USA until Fanatics Betting and Gaming closes those states at some point in 2023.
PointsBet USA will continue operating in Louisiana, Michigan, New York, and Ohio until Fanatics Betting and Gaming closes in those states. PointsBet USA will continue to employ a staff in a number of areas and current CEO Johnny Aitken will continue in his role.
This means that by the time the NFL season starts, Fanatics will be live in 11 states and PointsBet Casino will be live in four.
In June, PointsBet shareholders voted overwhelmingly to approve the disposal of the firm’s US division to Fanatics Betting and Gaming for $225m.
At its extraordinary general meeting, 98% of shareholders voted in favor of the deal.
The disposal is to be completed in two stages, with the sports merchandiser paying an initial $175m followed by a second payment of the remaining $50m.
Fanatics faced competition for PointsBet USA from DraftKings, who submitted a $195m offer, but ultimately pulled out of the race after Fanatics upped its original offer.
Matt King, CEO of Fanatics Betting and Gaming, said: “We are excited about what we are building at Fanatics Betting and Gaming and this acquisition accelerates our plans.
“We have a 10-year plan that focuses on the customer and not market share. We are going to acquire customers efficiently, allowing us to return savings to customers by investing in the customer experience at Fanatics Sportsbook and PointsBet, a Fanatics Experience.”
Fanatics recently launched its online sports betting app in four states: Maryland, Massachusetts, Ohio, and Tennessee, following a six-month beta testing period.