Fanatics to Purchase PointsBet's US Business

Fanatics has begun closely collaborating with its current customers to evaluate an online sports betting offering in just two states—Ohio and Tennessee.

Fanatics to Purchase PointsBet's US Business 

The acquisition of PointsBet's US operations by Fanatics Inc. has sped up the company's entry into the sports betting industry.

Approximately $150 million will be paid by Fanatics, according to a statement. The purchase excludes PointsBet's operations in Canada or Australia, where the company is headquartered.

Fanatics has begun closely collaborating with its current customers to evaluate an online sports betting offering in just two states—Ohio and Tennessee. By June, it intends to be in Maryland and Massachusetts.

Fanatics has access to more states and the trading technology of PointsBet by purchasing the US division of the company.

FanDuel, a unit of Ireland's Flutter Entertainment Plc, and DraftKings Inc. dominate the market five years after the US Supreme Court overturned the statute that had outlawed sports betting in most states.

Fanatics is a latecomer to the game, but it sees a benefit in its 95 million client database and intends to differentiate by providing a more individualised betting experience.

Fanatics has been growing from its beginnings in licenced clothes for sports teams, under the direction of Chief Executive Officer Michael Rubin, into other sectors, such as sports collectables and gambling. The Jacksonville, Florida-based business raised $700 million in December, valued at $31 billion.