Fanatics Betting and Gaming has recently concluded its acquisition of the US businesses of PointsBet, marking a significant milestone in the company’s expansion strategy within the US online sports betting and gaming market. The deal, valued at $225 million and dating back to 2023, has accelerated the company’s growth plans, making the Fanatics Sportsbook available to 95% of the addressable online sports bettor market in the U.S.
With the acquisition, Fanatics Betting and Gaming will be operating online in nineteen states by the end of the month, pending regulatory approvals. These include 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. Additionally, Fanatics Casino is accessible online in Michigan, Pennsylvania, and West Virginia, with plans for expansion into New Jersey.
The company will also oversee betting operations at 19 retail locations, including the only retail sportsbook located within an NFL stadium at Commanders Field in Maryland.
Matt King, CEO of Fanatics Betting and Gaming, expressed his excitement about the acquisition, stating, ‘The acquisition 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.’
Mark Hughes and Aonghus Mulvihill, who were part of the PointsBet USA leadership team, will join the executive leadership team at Fanatics Betting and Gaming. Moreover, more than 200 PointsBet employees are joining FBG in a variety of roles, and the company has taken over the leases of the former PointsBet offices in Denver, CO, and Dublin, Ireland.
Over the last year, Fanatics Betting and Gaming has been migrating PointsBet customers onto the Fanatics Sportsbook and Casino platform and incorporating PointsBet’s risk management platform and trading models from Banach Technology to enhance its offerings. The completion of this acquisition follows the recent FBG expansion into Kansas, where the Fanatics Sportsbook app was launched.
