Fanatics Outbids DraftKings, Secures PointsBet's U.S. Assets
DraftKings has decided to withdraw its bid to acquire the U.S. assets of PointsBet Holdings after Fanatics increased its offer, causing shares of DraftKings to decline.
Tag
Pointsbet
All articles tagged with #pointsbet
Fanatics Outbids DraftKings, Secures PointsBet Acquisition
Fanatics has increased its offer for PointsBet's U.S. operations to $225 million, surpassing DraftKings' bid of $195 million. The PointsBet board unanimously recommended the sale to Fanatics, as DraftKings was unable to finalize a new bid before the deadline. The battle for PointsBet is believed to stem from a failed merger between Fanatics and DraftKings in 2021. If the deal is finalized, Fanatics will gain a significant portion of existing sports betting licenses in multiple states, further expanding its position as a comprehensive destination for sports fans.
Fanatics and DraftKings Compete for PointsBet After Failed Merger.
DraftKings and Fanatics nearly merged two years ago, but the deal fell through. Now, DraftKings is attempting to buy PointsBet from Fanatics, leading to speculation that personal animosity between the CEOs may be a factor. However, DraftKings denies this claim. The drama is worth monitoring for NFL fans, as sports betting companies continue to have a massive influence over the league.
DraftKings Offers $283 Million to Acquire PointsBet's US Business, Outbidding Fanatics.
DraftKings has made an all-cash offer of $195 million for PointsBet's US assets, outbidding Fanatics' $150 million offer made last month. DraftKings CEO Jason Robins said the company is uniquely positioned to submit this superior proposal due to its scale and corresponding ability to generate meaningful synergies from the acquisition. Fanatics CEO Michael Rubin views the deal as an attempt by DraftKings to slow Fanatics down and delay its ability to enter the market.
Fanatics makes big move into sports betting with PointsBet acquisition
Fanatics' acquisition of PointsBet's US assets and Aristocrat's purchase of NeoGames have raised speculation about who's next in the gaming industry. SportRadar and Gambling.com are potential takeover targets, while Rush Street Interactive is working to establish itself as an iGaming operator. Fanatics CEO of Betting and Gaming, Matt King, believes more consolidation is likely, but prices for gaming acquisitions are expected to reflect reality.
Fanatics' acquisition of PointsBet marks major move in sports betting industry.
Fanatics Betting and Gaming has agreed to acquire PointsBet's US sports gambling business for $150m, marking the end of a four-year run in the US for the Australian-based sportsbook. The deal reflects the growing consolidation in the sports betting industry, with four operators - FanDuel, DraftKings, Caesars, and BetMGM - owning more than 95% of the gross gaming revenue market share in New York. The acquisition will provide Fanatics access to more than 15 states as it plans to roll out online sportsbook offerings ahead of the 2023 football season.
Fanatics Makes $150M Acquisition of PointsBet's U.S. Business for Sports Betting Expansion
Fanatics has agreed to purchase PointsBet's U.S. business for $150 million cash, a move that will accelerate the company's push into U.S. sports betting. The deal will give Fanatics additional technology and trading capabilities, as well as valuable market access in a handful of new states. PointsBet's net sale proceeds will be distributed to its shareholders, along with a "majority" of its cash reserves. Fanatics plans to offer betting rewards that can be redeemed for jerseys, hats or trading cards, and could eventually package its betting options alongside all the other things it sells.
Fanatics Set to Acquire PointsBet's U.S. Operations for $150 Million
Fanatics has agreed to acquire the US operations of PointsBet for about $150 million in cash, marking the sports giant's first major leap into US sports betting. Fanatics will gain access to at least 15 states with the deal and expects to have access to the majority of states where PointsBet operates by the start of the NFL season. PointsBet is expected to hold a shareholder vote on the deal in late June.