• Loading stock data...
Friday, February 21, 2025

Fanatics’ Purchase of PointsBet U.S. Operations Overwhelmingly Approved

  • $225 million deal supported by near-unanimous margin
  • PointsBet chairman calls Fanatics well-positioned to challenge in U.S. sports betting market
Kirby Lee-USA TODAY Sports

PointsBet shareholders approved by a near-unanimous margin Fanatics’ $225 million acquisition of its U.S. business, an action Fanatics called “a pivotal moment” in the development of its sports betting business.

The deal, following a decisive move by Fanatics to raise its initial bid, gained 99.2% approval from more than 195.5 million votes cast early Friday in Australia. PointsBet chairman Brett Paton in an address to shareholders said Fanatics is well poised to challenge a FanDuel-DraftKings duopoly in U.S. sports betting given the Michael Rubin-led company’s “strong brand and an extensive sports customer base with a fanatical interest in sports.”

“Fanatics identified in PointsBet many of the attributes needed to be successful in entering the online market,” Paton said.

The deal is now targeted for initial completion in August, following regulatory approvals, in which Fanatics will pay $175 million, followed by the other $50 million in early 2024. 

“This is a pivotal moment for Fanatics Betting and Gaming that will accelerate our growth in the legal online sports betting, advance deposit wagering, and iGaming markets in the United States,” the company said. “We will have more details to share in the coming weeks on how the acquisition of PointsBet U.S. businesses will bring to life our unique vision for Fanatics Betting and Gaming.”

PointsBet, meanwhile, will now focus on its Australian and Canadian operations.

“We will reorganize to remove the layers of overhead which were necessary to run a much-larger company,” Paton said.

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Americans Bet $148 Billion on Sports in 2024, Up 23.6%

Both overall handle and revenue rose by more than 20% last year.

DraftKings Turns First Full-Year Profit, Stock Up 47% in 2025

The company’s sports betting business continues to grow despite headwinds.
DraftKings app

Lawsuit Says DraftKings VIP Program ‘Preyed On’ Gambling Addicts

The company’s being sued for negligence and intentional infliction of emotional distress.
Jun 13, 2018; Moscow, Russia; A general view of a beer stand inside of Luschniki Stadium one day prior to the start of the FIFA World Cup 2018.

Saudi Arabia Says No Alcohol at 2034 World Cup

Saudi Arabia won’t allow alcohol anywhere during the 2034 World Cup.

Featured Today

Nov 2, 2024; Pittsburgh, Pennsylvania, USA; Pittsburgh Penguins goaltender Alex Nedeljkovic (39) stretches during a time-out against the Pittsburgh Penguins in the second period at PPG Paints Arena

Behind the Mask: The Artists Creating Hockey’s Iconic Goalie Style

The art and business of outfitting pro netminders.
Feb 15, 2025; Montreal, Quebec, CAN; [Imagn Images direct customers only] Team United States forward Matthew Tkachuk (19) and Team Canada forward brandon Hagel (38) fight in the first period during a 4 Nations Face-Off ice hockey game at the Bell Centre.
February 16, 2025

Inside the Push for the NHL’s Next Era of International Competition

Players have been clamoring, and the league is all in.
Aug 11, 2024; Paris, France; Medals are carried out on Louis Vuitton trays after the women's volleyball gold medal match during the Paris 2024 Olympic Summer Games at South Paris Arena
February 16, 2025

LVMH’s New Push: World’s Most Powerful Luxury Group Is Coming for Sports

LVMH is making long-term deals—and they’re not done.
Feb 18, 2024; Indianapolis, Indiana, USA; Eastern Conference guard Damian Lillard (0) of the Milwaukee Bucks reacts after a play during the second half of the 73rd NBA All Star game at Gainbridge Fieldhouse.
February 15, 2025

The NBA’s Latest Attempt To Solve the All-Star Game Conundrum

A new mini-tournament on a lame-duck network may not solve the problem.
Jon Batiste

Sportsbooks Split on Hotly Disputed Super Bowl National Anthem Prop Bet

FanDuel and DraftKings split on the national anthem duration.
Josh Allen
February 6, 2025

Polymarket Whale Made Huge Late Bets On Josh Allen Winning NFL MVP

Allen’s odds skyrocketed from the 50s to over 90% on Thursday afternoon.
Andy Reid
February 9, 2025

Sportsbooks Call for Tighter Regulations on Prediction Markets

Sports betting and sports event contracts are treated differently—for now.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
Feb 5, 2025; New Orleans, LA, USA; Kansas City Chiefs and Philadelphia Eagles helmets at the Caesars Superdome prior to Super Bowl LIX.
February 6, 2025

Amid ‘Record’ Super Bowl Betting, Market’s Two Largest Forces Still Reign

FanDuel and DraftKings still dominate the ever-expanding space.
Aug 22, 2023; Houston, Texas, USA; Boston Red Sox manager Alex Cora (13) talks with home plate umpire Pat Hoberg as Houston Astros starting pitcher Justin Verlander (35) adjusts his PitchCom device during the second inning at Minute Maid Park.
February 3, 2025

MLB Fires Umpire Pat Hoberg: Third Gambling Scandal in Under a Year

The league terminates the umpire for failing to uphold the game’s integrity.
Jan 26, 2025; Philadelphia, PA, USA; Philadelphia Eagles quarterback Jalen Hurts (1) walks off the field after winning the NFC Championship game against the Washington Commanders at Lincoln Financial Field.
February 3, 2025

Robinhood Suspends Rollout of Super Bowl Betting After CFTC Request

Robinhood has suspended trading of event contracts on the Super Bowl.
Terry Rozier
January 30, 2025

Feds Investigating Terry Rozier for NBA Point Shaving

Rozier is eyed in the same investigation that snagged Jontay Porter.