Fanatics Betting and Gaming (FBG) has closed on the first eight states in its previously announced acquisition of PointsBet’s US business.
Following regulatory approvals, the deal has now completed in major markets such as New Jersey and Pennsylvania. FBG has also completed in Colorado, Iowa, Kansas, Maryland, Virginia and West Virginia.
PointsBet confirmed that the Fanatics subsidiary has now paid the initial instalment of $175m of the $225m headline purchase price. The price was agreed in June 2023.
From today, customers in each of the eight states will see PointsBet rebranded to “PointsBet, a Fanatics Experience”. The rebrand will complete in Indiana and Illinois in the coming months.
PointsBet USA will continue to operate in Illinois, Indiana, Louisiana, Michigan, New York and Ohio. This will be until Fanatics is able to close on selected states individually.
“We are excited about what we are building at Fanatics Betting and Gaming and this acquisition accelerates our plans,” ..