• Loading stock data...
Monday, July 22, 2024
Join us this September for Tuned In Request to Attend

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.

Copy Link
Link Copied
Link Copied

What to Read

Jaguars Sue Ex-Employee for $66.6 Million After Thefts

This could help the Jags avoid suing FanDuel and DraftKings directly.
Jan 7, 2024; Nashville, Tennessee, USA; Jacksonville Jaguars wide receiver Calvin Ridley (0) reacts after scoring a touchdown against the Tennessee Titans during the first half at Nissan Stadium.

Without Hard-Line Bans, Pro Athletes and Personnel Will Keep Betting on Sports

Penalties often aren’t stringent or consistent enough to deter banned behavior.
podcast thumbnail mobile
Front Office Sports Today

WNBA ASG, Paris Olympics Continue Rise of Women’s Basketball


Featured Today

The Road to the Return of ‘EA Sports College Football’

This summer, the biggest development in college sports is virtual.
Oct 2, 2021; Miami Gardens, FL, USA; NFL commissioner Roger Goddell speaks during the Don Shula Celebration of Life at Hard Rock Stadium.
July 13, 2024

The NFL Is Confident It Can Overturn the Sunday Ticket Verdict

The league may have good reason to believe it can win.
July 8, 2024

NFLPA Report Cards Have Become the ‘Talk of the Locker Room’ Across..

NFLPA report cards have become the ‘talk of the locker room.’
July 7, 2024

The New College Sports Insiders Are Graphic Designers

Joe Tipton and Hayes Fawcett have become premier news-breakers on social media.

Banned Jontay Porter Pleads Guilty in Gambling Case

Porter said he was ‘deeply sorry’ for the gambling scheme.
June 23, 2024

ESPN Bet’s Operator Is Reportedly Being Eyed in a Potential Takeover

Boyd Gaming has reportedly approached ESPN Bet partner Penn Entertainment about an acquisition.
Mar 15, 2024; Toronto, Ontario, CAN; Toronto Raptors forward Jontay Porter (34) points to a spot as he controls the ball against Orlando Magic center Wendell Carter Jr. (34) during the second half at Scotiabank Arena.
July 3, 2024

Jontay Porter To Receive Federal Criminal Charges in Sports Betting Scandal

The former Raptor received a lifetime NBA ban for sports gambling.

TopSpin 2K25 Brings the Legends of Tennis to Your Living Room

2K sports is reviving a classic with TopSpin 2K25.
June 23, 2024

Sports Betting Money Won’t Bail Out Cash-Hungry College Athletic Departments

Schools are desperate for money, but they won’t be partnering with gambling operators.
Jan 7, 2024; San Francisco, California, USA; Toronto Raptors forward Jontay Porter (11) takes a three-point shot against the Golden State Warriors during the second half at Chase Center.
June 9, 2024

‘Bound to Happen’: The Age of the Sports Betting Scandal Has Arrived

A banishment, betting scheme, and guilty plea all in one scandal-filled span.
Mar 11, 2024; Denver, Colorado, USA; Toronto Raptors center Jontay Porter (34) reacts after a play in the third quarter against the Denver Nuggets at Ball Arena.
June 5, 2024

Conspirator Arrested in Federal Complaint Tied to Jontay Porter Scheme

Authorities arrested Long Phi Pham at JFK airport Monday.
Dec 14, 2023; Los Angeles, CA, USA; Ippei Mizuhara, the translator for Los Angeles Dodgers designated hitter Shohei Ohtani, during an introductory press conference at Dodger Stadium.
June 4, 2024

Shohei Ohtani’s Former Interpreter Pleads Guilty to Stealing $17 Million, Tax Fraud

Mizuhara faces up to 33 years in prison, with sentencing in October.