Report: Pointbet’s US Sports Betting Business Acquired by Enthusiastic Fan

Fanatics is set to acquire the US operations of Australian company PointsBet in a deal worth approximately $150 million. This move marks the biggest step for Fanatics into the world of sports betting so far. The acquisition of PointsBet’s AU:PBH US assets is set to be announced as early as Sunday night, according to sources cited by CNBC. Fanatics is yet to comment on the news. PointsBet is an online sportsbook that began operating in the US in 2019 and is already in 15 states, including Colorado, Illinois, Iowa, and New Jersey.

If confirmed, the deal could put additional pressure on US sports betting firms such as DraftKings and FanDuel. CEO of Fanatics, Michael Rubin, has recently confirmed the launch of a sportsbook division, with $1 billion set to be invested. In April, the company launched sports betting for Ohio and Tennessee customers. Rubin has also stated his hope that within the next decade, Fanatics will become the world’s leading sports betting company, and expects the betting business to become profitable by 2025-26.

All of these moves come in the wake of a $700 million funding round completed by the Florida-based sports apparel and collectibles startup in December 2020. At present, Fanatics is a privately held company, but an IPO is believed to be on the horizon. Additionally, the company acquired trading card firm Topps last year.

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