The Fanatics Betting and Gaming (FBG) arm of Fanatics Holdings has taken a step closer to completing its acquisition of PointsBet US after launching its sportsbook in Colorado.
Players in Colorado can now download the Fanatics Sportsbook and begin placing bets on a range of sports and events.
Existing PointsBet customers in Colorado can log in to the Fanatics Sportsbook using their existing credentials. Any open bets, balances and responsible gambling settings will also be moved across to the Fanatics Sportsbook.
Colorado marks the eighth US state in which FBG has rolled out the Fanatics Sportsbook. It follows launches in Kentucky, Maryland, Massachusetts, Ohio, Tennessee, West Virginia and Virginia. The latter two took place towards the end of last month.
Fanatics edging closer to completion
FBG in June agreed to acquire the US operations of PointsBet in a deal valued at $225.0m (£178.4m/€208.1m).
This was around $75.0m more than the $150.0m it agreed to pay in May, primarily due to the emergence of a rival proposal worth $195.0m from DraftKings. This forced Fanatics to up its offer, with DraftKings dropping out shortly after FBG tabled its increased proposal.
PointsBet shareholders approved the higher offer in June, clearing the way for the deal to proceed. Since then, Fanatics has slowly started to take over PointsBet’s operations across the US. This has seen existing PointsBet sportsbooks moved over to the Fanatics platform.
The deal took a significant step forward in September when Fanatics was approved to acquire PointsBet US in eight states. This included approval in New Jersey, Pennsylvania, Colorado, Iowa, Kansas, Maryland, Virginia and West Virginia.
A few weeks later in October, it also completed the acquisition of PointsBet operations in New York and Wyoming.
However, the deal is not yet complete in several other states where PointsBet is also active. This means PointsBet will continue to operate in Illinois, Indiana, Louisiana, Michigan and Ohio until FBG closes in each state.
FBG previously stated that subsequent completions in other US markets are tracking as planned. The operator has not put a timescale on when it expects further acquisition and subsequent launches to be finalised.
Fanatics scores Connecticut Lottery deal
Last week, it was also revealed that FBG is the new sports betting partner of the Connecticut Lottery Corporation.
The Fanatics Sportsbook becomes the Connecticut Lottery’s exclusive sports betting partner. The partnership covers both mobile and retail betting, with transition expected to occur in mid-December.
The sportsbook will be available across 10 retail betting locations in Connecticut, as well as on mobile.