Fanatics Betting and Gaming closed on its acquisition of PointsBet in Illinois on Wednesday.
Illinois is the latest state to migrate from PointsBet to Fanatics Sportsbook. This has been an ongoing process since Fanatics Betting and Gaming (FBG) announced its agreement to buy PointsBet’s U.S. operations in May 2023.
"The acquisition of the U.S. businesses of PointsBet has super charged our expansion plans," said Fanatics CEO Matt King. "In addition to our migration of PointsBet customers and technology to the Fanatics Sportsbook and Casino platform, we have also added an incredibly talented team of passionate leaders from the ranks of PointsBet USA that have already made an impact on our business."
Expansion of Fanatics Sportsbook and FBG
Fanatics paid $225 million to finalize this acquisition, resulting in the transfer of all remaining entities from PointsBet to FBG. This includes PointsBet’s U.S. sports wagering, advance-deposit wagering, and iGaming operations, Banach Technology, a copy of the PointsBet platform, and a license to use its proprietary technology.
With this latest acquisition in the Illinois sports betting market, Fanatics Sportsbook is now available in 95% of the country's online sports betting markets. Pending regulatory approvals, Fanatics Sportsbook is either live or set to launch in 20 out of 50 states, accelerating FBG’s growth plans. It includes Fanatics Casino online available within the app, plus sports bettors get up to 5% of their wager back in FanCash, which can be used to purchase official team merchandise at the Fanatics.com website or converted into bonus bets to wager.
FBG background
FBG, an online and retail sports betting subsidiary of Fanatics Holdings Inc., launched back in 2021 and includes the sportsbook, Fanatics Casino, and 14 retail locations.
These brick-and-mortar sportsbooks are located outside of professional sports venues, such as Progressive Field in Cleveland, Ohio, and Nationwide Arena in Columbus, Ohio. Fanatics Sportsbook is also physically located inside the Washington Commanders’ stadium in Greater Landover, Maryland. It’s the only professional sportsbook currently located inside of an NFL stadium.
FBG maintains its headquarters in New York with additional offices located in Denver, Colorado and Dublin, Ireland.
