Fanatics has agreed to acquire the U.S. operations of PointsBet, marking the sports giant's first major leap into U.S. sports betting. CNBC
The deal values the assets at about $150 million.Fanatics has agreed to acquire the U.S. operations of PointsBet, marking the sports giant's first major leap into U.S. sports betting.
The deal is worth about $150 million in cash. The companies announced the deal Sunday night soon after CNBC reported an agreement was reached. "Fanatics and PointsBet are excited to enter into an agreement for Fanatics Betting and Gaming to acquire PointsBet's U.S. business,"in a joint statement."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."Sign up for NBC Philadelphia newsletters.
Fanatics will gain access to at least 15 states with the deal, according to people familiar with the deal who declined to be named because discussions were private. Fanatics expects to have access to the majority of states where PointsBet operates by the start of the NFL season, according to one of the people.
PointsBet, whose shares are traded in Australia, is expected to hold a shareholder vote on the deal in late June. Only PointsBet's U.S. assets are part of the deal. Fanatics will plan to fund some of the remaining cash flow burn from PointsBet, which has had to spend heavily on marketing to compete with larger rivalsPointsBet forecast a loss of between $77 million and $82 million for the second half of the year.
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