Fanatics is adding a little turbo boost to the growth of its sports betting business. It’s offering PointsBet $150 million in cash to acquire the Australian sports betting giant’s US operations.
It did not take long for PointsBet to find a buyer. It announced just last month that it wanted out of the US market.
Fanatics’ own Sportsbook is currently in beta testing in Tennessee and Ohio. The company expects to gain access to the fifteen states where PontsBet was operating. The majority of those new states are expected to approve Fanatics’ operation in time for a new football season.
In the United States, the two companies were heading in opposite directions. PointsBet forecasts losing up to $82 million in 2023. Fanatics, on the other hand, projects revenue in excess of $8 billion.
Acquisition has been a key strategy in the growth of new businesses under the Fanatics umbrella. Last year, it gave its trading card company a boost by purchasing Topps for $500 million.
