Following regulatory approvals, the deal has now been completed in major markets such as New Jersey and Pennsylvania. FBG has also finalized the deal in Colorado, Iowa, Kansas, Maryland, Virginia, and West Virginia.
PointsBet confirmed that the Fanatics subsidiary has made the initial payment of $175m towards the $225m purchase price. The agreement was reached in June 2023.
Starting today, customers in these eight states will see PointsBet rebranded as “PointsBet, a Fanatics Experience”. The rebranding process will also take place in Indiana and Illinois in the coming months.
PointsBet USA will continue operating in Illinois, Indiana, Louisiana, Michigan, New York, and Ohio until Fanatics closes deals with selected states individually.
Matt King, CEO of FBG, expressed his enthusiasm about the acquisition and its impact on the company’s plans for Fanatics Betting and Gaming. He stated that their focus is on the customer rather than market share, and they aim to acquire customers efficiently to improve the customer experience at Fanatics Sportsbook and PointsBet, a Fanatics Experience.
PointsBet shareholders approved the $225m deal over two months ago, which included their US sports wagering and icasino businesses, as well as the Banach Technology platform and a license for PointsBet’s proprietary technology platform.
To coincide with the start of the NFL season next week, FBG will have brands live in 11 legal sports betting states, while PointsBet Casino will be available in four states.
FBG announced that PointsBet USA will continue to hire engineers, customer service personnel, and marketing teams, with operating capital flowing in from FBG.
Johnny Aitken will remain the CEO of PointsBet USA.
FBG stated that this strategic acquisition complements the company’s growth and diversification efforts over the past two years. They also mentioned that Fanatics Betting and Gaming will incorporate PointsBet’s online casino platform, available in four states, as they continue to develop their online casino offerings set to launch later this year in the United States.
In addition, FBG will integrate Banach Technology’s risk management platform and quantitative-driven trading models into the Fanatics Sportsbook app. The app is currently available for download on iOS and Android in Maryland, Massachusetts, Ohio, and Tennessee.
