Fanatics Betting and Gaming (FBG), a subsidiary of Fanatics Holdings Inc., closed on the final state today, Illinois, in its previously announced acquisition of the U.S. businesses of PointsBet.

PointsBet Holdings Limited (ASX:PBH) confirmed receipt of the final installment of the headline purchase price of $225 million and has transferred the remaining entities to FBG, including all of the remaining entities that make up PointsBet’s United States sports wagering, advance-deposit wagering and iGaming operations, Banach Technology, a copy of the PointsBet platform and a license to use that proprietary technology platform. 

The acquisition accelerated the company’s growth plans, making the Fanatics Sportsbook available to 95% of the addressable online sports bettor market in the U.S. By the end of the month, Fanatics Betting and Gaming will be operating online in Arizona, Colorado, Connecticut, Indiana, Illinois, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Vermont, Virginia and West Virginia, pending regulatory approvals. Fanatics Casino is available online in Michigan, Pennsylvania and West Virginia with New Jersey to follow. Fanatics Betting and Gaming will also provide the betting operations to nineteen retail locations, including the only retail sportsbook inside an NFL stadium at Commanders Field in Maryland. 

“The acquisition of the US businesses of PointsBet has super charged our expansion plans,” said Matt King, CEO of Fanatics Betting and Gaming. “In addition to our migration of PointsBet customers and technology to the Fanatics Sportsbook and Casino platform, we have also added an incredibly talented team of passionate leaders from the ranks of PointsBet USA that have already made an impact on our business.” 

Mark Hughes and Aonghus Mulvihill will join the executive leadership team at Fanatics Betting and Gaming from PointsBet USA. In addition, more than 200 PointsBet employees are joining FBG in a variety of roles and the company has taken over the leases of the former PointsBet offices in Denver, CO and Dublin, Ireland.