Eight legal sports betting states are about to notice a major change in PointsBet USA.
Newcomer Fantatics’ acquisition of the online betting site closed on the first batch of U.S. markets on Thursday, following regulatory approvals. PointsBet will be rebranded as “PointsBet, A Fanatics Experience” in Colorado, Iowa, Kansas, Maryland, New Jersey, Pennsylvania, Virginia, and West Virginia.
More closings in Illinois, Louisiana, Michigan, New York, Ohio, and Indiana are expected throughout the year. Indiana and Illinois customers won't see any interruptions and will continue on the PointsBet USA platform until closing.
“We are excited about what we are building at Fanatics Betting and Gaming and this acquisition accelerates our plans,” said Fanatics CEO Matt King. "We have a 10-year plan that focuses on the customer and not market share.”
Fanatics launches new era
Fanatics, known for its sports apparel and memorabilia line, created a sports betting division and gaming platform in 2021. Before the acquisition, Fanatics became licensed and operated in Massachusetts, Tennessee, Maryland, and Ohio.
Fanatics will provide new and existing PointsBet customers accessibility to its technology and platform as well as access to team merchandise and collectibles, like trading cards. Fanatics plans to offer “engaging promotions” during football season.
“We are going to acquire customers efficiently, allowing us to return savings to customers by investing in the customer experience at Fanatics Sportsbook and PointsBet, a Fanatics Experience,” King said.
PointsBet moving on
Australia-based PointsBet shareholders approved the finalization of the $225 million sale of their U.S.-based operation to Fantatics in June.
PointsBet opted to leave the U.S. market due to competition and long-term revenue losses, and will instead focus on Australian and Canadian markets.
Bolstered by the U.S. sale to Fanatics, PointsBet saw a 26.4% increase in revenue for the 2023 fiscal year. Sports betting was where the bulk of profits came from during that period.
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