Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings Inc., closed on the first eight states in its previously announced acquisition of the U.S. businesses of PointsBet USA.

The acquisition transforms Fanatics Betting and Gaming into a premier online gaming operator with proven products in sports betting and iCasino.

On June 30, 2023, PointsBet Shareholders in Australia approved a Stock and Equity Sale Agreement with Fanatics Betting and Gaming for US$225 million on a debt free basis for the sale of PointsBet’s United States sports wagering, advance deposit wagering (ADW), iCasino, Banach technology, and a license to use the company’s proprietary technology platform.

Today, following regulatory approvals, Fanatics Betting and Gaming closed on the operating businesses of PointsBet USA in the following states: Colorado, Iowa, Kansas, Maryland, New Jersey, Pennsylvania, Virginia, and West Virginia. As each state closes and officially becomes part of Fanatics Betting and Gaming, customers in such state will see PointsBet rebranded to “PointsBet, a Fanatics Experience,” with additional state closings to continue throughout the year. Customers in Indiana and Illinois will see PointsBet rebranded to “PointsBet, a Fanatics Experience” in the coming months, but the operating businesses of PointsBet USA in Indiana and Illinois will continue to be operated by PointsBet USA without interruption until Fanatics Betting and Games closes those states later this year.

“We are excited about what we are building at Fanatics Betting and Gaming and this acquisition accelerates our plans,” said Matt King, CEO of Fanatics Betting and Gaming. “We have a ten-year plan that focuses on the customer and not market share. We are going to acquire customers efficiently, allowing us to return savings to customers by investing in the customer experience at Fanatics Sportsbook and PointsBet, a Fanatics Experience.”