U.S. Fanatics to acquire Australia's PointsBet for $150 million

Fanatics, a U.S.-based sports platform company, intends to purchase Australian sports betting platform PointsBet, for a cash consideration of $150 million.

As per the deal, expected to close in the second half of 2023, Fanatics will get access to PointsBet’s U.S. operations, which include licenses in fifteen states, alongside its technology and staff.

With the transaction, Fanatics will have a major presence in the U.S. sports betting market, which is expected to grow significantly in the years ahead.

In addition, the move will also assist the company to diversify its business and minimize its reliance on commerce assets, enabling it to compete with larger rivals like DraftKings and FanDuel.