Fanatics Gains Foothold in Pennsylvania with PointsBet Acquisition
It seems that Fanatics is moving closer to launching its sportsbook in Pennsylvania. The company recently received permission from the Pennsylvania Gaming Control Board (PGCB) to acquire PointsBet Pennsylvania LLC. Although this regulatory approval is a significant milestone, the company has not yet confirmed the launch date for its Sportsbook in Pennsylvania.
Acquisition of PointsBet’s Assets
In June, PointsBet’s U.S. assets were put up for sale following the approval of the majority of the company’s shareholders. After a slight battle, Fanatics was able to acquire the assets with a final bid of $225 million, outbidding DraftKings, who had offered $195 million. The acquisition allows PointsBet to focus on its operations in Canada and Australia while giving Fanatics the opportunity for broader market expansion.
Acquisition Allows for Significant US Expansion
The acquisition isn’t just about Pennsylvania; it opens doors for Fanatics in 12 U.S. states where PointsBet already has a presence. This includes major markets such as New York, New Jersey, and Illinois. However, before the Fanatics sportsbook can go live, the company will have to apply for approval from each state’s regulatory body.
While the timing for Fanatics’ entry into other states remains uncertain, its Pennsylvania launch appears imminent. The company may be positioning itself to introduce its Sportsbook during the upcoming football season, a strategic move that would allow it to engage with a new customer base quickly.
The news comes after Fanatics recently revealed it hopes to launch its sportsbook in four states after a testing period, Tennessee, Massachusetts, Ohio, and Maryland.