Fanatics completes part of PointsBet deal, adding seven states to list
Fanatics is continuing its previously announced $225 million plan to acquire PointsBet US, announcing Thursday that it has received regulatory approval to acquire the target's operations in seven states.
These jurisdictions are Colorado, Iowa, Kansas, Maryland, New Jersey, Pennsylvania, Virginia, and West Virginia. Earlier this month, Fanatics announced the launch of its mobile sports betting app in Maryland, Massachusetts, Ohio and Tennessee, meaning the company will be operating in 11 states before the start of the 2023 NFL season .
While 11 states is slightly short of Fanatics' previously announced goal of live streaming in 12 to 15 states by the start of football season, getting close to that number is impressive considering Fanatics and PointsBet have only had two months passed. People were impressed enough to agree to the above deal.
As each state closes and officially becomes part of Fanatics Betting and Gaming, customers in that state will see PointsBet change its name to "PointsBet, the Fanatics Experience, with more state closures to come throughout the year," the company said in a statement stated in the statement.
Customers in Illinois and Indiana will continue to see the PointsBet USA brand until buyers receive regulatory approval in those states later this year, Fanatics added.
Other advantages and disadvantages
Shareholders in Australia-based PointsBet (OTC: PBTHF ) recently approved a cash distribution related to the sale of its U.S. business to privately held Fanatics.
In addition to Illinois and Indiana, PointsBet will continue to operate in Louisiana, Michigan, New York and Ohio until Fanatics obtains regulatory approval in those states. These are important jurisdictions for sports betting providers. New York is the largest sports betting market in the United States, and Fanatics founder and CEO Michael Rubin has previously criticized New York for taxing sports betting too high. This makes it the crown jewel of buying PointsBet US.
"PointsBet USA will continue to employ engineers, customer service teams, merchants, marketing and compliance teams, and receive an infusion of new working capital from Fanatics Betting and Gaming," the buyer added in the statement. "Johnny Aitken will continue to serve as PointsBet USA's CEO CEO, customers will continue to enjoy the majority of markets across the four major U.S. sports, including up to 1,000 markets for every NBA game, with the fastest, most user-friendly app on the market today."
PointsBet US also offers iGaming in four states. Fanatics Betting and Gaming is headquartered in New York.
Fanatics from other states can leave comments
The list of other states where Fanatics Betting and Gaming may be licensed is arguably eye-catching.
It includes North Carolina, Tennessee and Arizona, although this is likely to be a long-term effort. Fanatics Betting and Gaming expects to be operating in Kentucky when regulated sports betting launches there next month.
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Source: www.casino.org