Online sports merchandise retailer, Fanatics, has agreed to acquire the US assets of online sportsbook operator, PointsBet, for $150m in cash.
Subject to PointsBet shareholder approval, Fanatics will acquire the Australian group’s US sports betting and iGaming operations, and a licence to use the firm’s proprietary technology.
A jointly issued statement said: “Fanatics and PointsBet are excited to enter into an agreement for Fanatics Betting and Gaming to acquire PointsBet’s US business.
“While there are still several steps in the process to complete the acquisition, both parties are confident in the outcome. Fanatics Betting and Gaming and PointsBet will provide further details of the proposed deal and timely updates in the coming weeks.”
Fanatics has previously stated the goal of being live in 12-15 US states by the start of the next NFL season. PointsBet is active in 14 states, so this acquisition is in line with Fanatics’ growth objectives.
Speaking at the recent SBC Summit North America, Fanatics CEO, Matt King, stated that Fanatics has a database of 95 million people, with the marriage between fan engagement and betting clearly one that he and his company believes in.