Fanatics the winner in PointsBet auction to sell US wagering business

Finance News

Fanatics won the sports betting bidding war for the company, valued at $225 million.

The sale comes after Fanatics initially reached an agreement with PointsBet at around $150 million on May 16, just to be outbid at the 11th hour by DraftKings a month later.

DraftKings had agreed to pay $195 million for the sportsbook on that date, but the actual cost is much higher when adding in the massive price of PointsBet’s four-year $250 million advertising deal with NBC.

The total cost of PointsBet will end up just $25 million south of The Post’s projected price point of $500 million expected for PointsBet in April, three weeks before Fanatics’ initial agreement.

The deal helps solidify Fanatics as a mainstay in the sports betting market, having gathered massive assets in the app’s user experience and user interface departments while acquiring expert traders to help manage its risk in the new market. 

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