Fanatics buys PointsBet USA

Fanatics Betting and Gaming is expanding its sports gambling business through the acquisition of PointsBet Holdings Ltd.’s U.S. operations for $150 million. PointsBet began its operations in 2017 in Australia and entered the U.S. market in May 2018. Fanatics history started with a single retail store in Orange Park Mall in 1995, which has turned into a sports merchandising giant today worth more than $30 billion. Fanatics has been working on entering the sports gambling industry for the last year and opened its first betting app in Tennessee and Ohio last month. Regulated on a state-by-state basis, PointsBet Managing Director Sam Swanell said they sold the U.S. business to Fanatics as it was the most attractive and risk-adjusted outcome for shareholders compared to other options. The company considers Fanatics a natural acquirer of their business due to the latter’s significant presence in the U.S. sports market.