Fanatics Betting and Gaming has officially completed its acquisition of PointsBet’s US operations, marking a significant expansion in New Jersey where it has now gone live. This latest development brings Fanatics’ sportsbook services to all 20 states where PointsBet was previously active, covering approximately 95% of the US online betting market.

The acquisition, valued at $225 million, was finalized in April 2024 following an agreement made last year. As part of the transition, all existing PointsBet customers in New Jersey will have their usernames, passwords, account balances, rewards points, and responsible gaming settings seamlessly transferred to the Fanatics Sportsbook platform.

Expanding Casino and Sportsbook Operations

New Jersey also becomes the fourth state where Fanatics has introduced its online casino, featuring a variety of games including roulette and slots. The Fanatics Sportsbook is already operational in states such as Arizona, Colorado, Connecticut, and many others, while the Fanatics Casino is available in Michigan, Pennsylvania, and West Virginia.

Strategic Acquisition and Market Expansion

The journey to this acquisition began in June 2023 when Fanatics made an initial $225 million bid for PointsBet US, following a competitive bidding process that included a rival offer from DraftKings. Although DraftKings initially proposed a higher bid of $195 million, they later withdrew, allowing Fanatics to proceed with their acquisition plan. The deal was cemented when PointsBet shareholders approved the acquisition at a meeting on June 30.

Over the past year, Fanatics has systematically taken over PointsBet’s operations across various states, with Kansas and North Carolina being recent additions. This strategic expansion not only enhances Fanatics’ footprint in the US market but also strengthens its position as a leading provider in both sports betting and online casino services.

Fanatics now operates 19 retail locations, including exclusive sportsbooks at notable venues like Progressive Field and Nationwide Arena, and the unique distinction of running the only sportsbook inside an NFL stadium at Commanders Field.

This acquisition represents a major milestone in Fanatics’ strategy to dominate the sports betting and gaming industry across the United States, promising greater market reach and enhanced customer experiences across its platforms.

Source: “Fanatics concludes PointsBet takeover with New Jersey launch”. iGaming Business. May 8, 2024.

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Fanatics Holdings, the global digital sports platform, announced that its subsidiary, Fanatics Betting and Gaming, the leading betting and gaming platform, rolled out Fanatics Sportsbook and Casino in Michigan. The launch, completed on Thursday, enabled residents and visitors of the state to download Fanatics Sportsbook for Android and iOS devices and engage in exciting online gaming and betting activities.

The latest launch represents the thirteenth state where Fanatics Sportsbook is available. On the other hand, the launch in Michigan further grows Fanatics’ presence within the online gambling sector and marks the third state where Fanatics Casino is available.

The latest launch follows a process initiated by Fanatics Betting and Gaming last year. At the time, the company agreed to acquire the US assets of PointsBet, paving the way for its expansion across the country. As a result of the acquisition, PointsBet’s customers in Michigan had their username, password, as well as account balance and rewards points transferred automatically to Fanatics Sportsbook. The migrated customers also retained their responsible gaming preferences, ensuring responsible entertainment.

The transfer of responsible gaming preferences underlines Fanatics’ dedication to responsible gambling. As a leading and fast-growing operator, the company encourages customers to use responsible gaming tools that enable them to manage their gambling. Moreover, Fanatics offers a best-in-class Help Center that provides chat support with agents ensuring 24/7 coverage.

Players in Michigan Can Access Engaging Features

Thanks to the latest launch, Michigan sports fans and casino aficionados can now tap into Fanatics’ leading betting and iGaming application. The high-quality mobile application features a convenient design, easy navigation and stands out with engaging and rewarding features.

Players in Michigan can benefit from FanCash, Fanatics Sportsbook’s reward system that allows them to earn up to 5% on their wagers in the form of FanCash. Such FanCash can then be exchanged for bonus bets or different merchandise via the operator’s official website.

Further quality features available via Fanatics’ app include Discover and Search. Thanks to the Discover feed, bettors gain access to valuable insights, including trending bets, statistics and marquee games. Additionally, the application’s innovative Search functionality brings autocomplete options, as well as search via deep linking and aliases.

On the other hand, Fanatics Casino players can access quality features and enjoy classic casino slots, video poker and table games. Teaming up with Evolution, Fanatics Casino brings popular live casino games such as Roulette, Baccarat, Poker and Blackjack, among others. iGaming fans can also tap into quality releases from Light & Wonder, Gaming Realms and Hacksaw Gaming, among other leading content suppliers. Similarly, to wagering on sports, online gamblers can earn FanCash and convert it to different rewards.

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A few weeks after hitting the Pennsylvanian market, Fanatics Betting and Gaming launched its Fanatics Sportsbook in the state of Iowa. As a result, Iowan players and visitors will now be able to download the dedicated Fanatics Sportsbook app and place exciting wagers with the operator.

Iowa is notably the twelfth state where the Fanatics Sportsbook is now live. The operator’s launch in the state was made possible by its recent acquisition of PointsBet’s US business. All former PointsBet customers will be automatically migrated to the new Fanatics Sportsbook app. These accounts will get to keep their usernames, passwords, account balance, reward points and responsible gambling settings.

As a part of the transition from PointsBet, the sportsbook at Catfish Bend Casino in Burlington will turn undergo a name and management change. In addition, Fanatics will further enhance the retail betting experience by installing a number of Suzohapp self-service kiosks.

As a company that is firmly committed to offering gambling in a responsible way, Fanatics Betting and Gaming will provide its customers with access to a variety of tools they can use to manage the time and money they spend while interacting with the Fanatics Sportsbook.

Customers can also contact a 24/7 help center and speak with experienced agents.

Many Exciting Features Await Players

Fanatics Sportsbook listed a number of benefits that bettors will get if they choose to play with the operator. For starters, the company emphasized that its Fanatics Sportsbook app has been built with the mobile user in mind, providing mobile bettors with intuitive and easy-to-use experiences.

Furthermore, Fanatics Sportsbook is the only sportsbook to give its customers up to 5% of their bets back in FanCash. Players can then spend this digital currency on a variety of bonus bets or on Fanatics.com.

For reference, players can earn 5% FanCash on same-game parlay bets, 3% FanCash on parlay bets and 1% FanCash on straight bets and odds boosts.

Another perk of using the Fanatics Sportsbook is the Discover feed, which provides sports enthusiasts with all the information they care about. This includes marquee games, key stats and trending bets, among other information.

Finally, customers can enjoy the Fanatics Sportsbook’s industry-leading search functionality, which encompasses a variety of features, such as a search bar, recent searches, autocomplete, synonym/alias and deep linking.

In the meantime, Fanatics VIP president Michael Z. Hermalyn just filed a lawsuit against his former employer, DraftKings.

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Fanatics Betting and Gaming announced that its Fanatics Sportsbook and Casino brand is finally live in Pennsylvania. Former PointsBet customers will be automatically migrated to the new platform.

As per the local rules, the operator will first undergo a two-day soft launch period under the supervision of the Pennsylvania Gaming Control Board. However, Fanatics explained that this period will include no restrictions regarding customer registrations or playtime.

Players in Pennsylvania can now download the Fanatics Sportsbook on their mobile devices. The app combines sports betting and casino, allowing all kinds of players to enjoy the operator’s products.

Pennsylvania is notably the eleventh state in which the Fanatics Sportsbook is available. It is also the second state for Fanatics Casino.

Fanatics acquired PointsBet’s business last year, facilitating its launch in The Keystone State. PointsBet customers in Pennsylvania will have their accounts automatically migrated to the new Fanatics Sportsbook platform, allowing them to retain their usernames, passwords, account balance, rewards points and responsible gaming settings.

Sports Betting Fans Should Brace for a Plethora of Content

Fanatics will provide players in Pennsylvania with a variety of engaging features. Sports betting fans, for example, can benefit from Fanatics Sportsbook’s FanCash feature that gives customers up to 5% of their bet back in FanCash they can spend on bonus bets or at fanatics.com. In addition, players can earn 5% FanCash on same-game parlay bets, 3% FanCash on parlay bets and 1% FanCash on straight bets and odds boosts.

In addition, the Fanatics Sportsbook Discover page features marquee games, trending bets, promos and personalized rewards. In the future, Fanatics plans to further personalize the Discover page to customers’ favorite teams, sports and markets. The Fanatics Sportsbook also offers a robust search engine that players can use to find exactly what they want.

Finally, sports betting fans can watch BetVision, an unparalleled sports betting product launched in partnership with Genius Sports. Players can use BetVision to place bets while watching certain football games directly in the Fanatics app.

A Variety of Games Awaits iGaming Enthusiasts

In the meantime, online casino fans will be able to enjoy a variety of online slots and table games which will be further enhanced by a variety of features. These include a world-leading selection of live casino games and a variety of top-performing slot games from best-in-class providers.

In addition, fans can earn FanCash back on bets, spins and hands and redeem loyalty points to purchase merchandise or get bonus bets. Fans can earn 0.2% FanCash on slots and 0.05% FanCash on table games.

Players in Pennsylvania will also be able to experience the new Fanatics Blackjack game developed in partnership with Boom Entertainment, as well as a variety of other games scheduled for later this year.

Last but not least, players will also be able to leverage a variety of responsible gaming features to keep on playing safely.

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In November, residents of West Virginia gained access to Fanatics’ online casino. This marked the debut of the brand for the online casino vertical and its existing PointsBet users were given instructions on how to access their account with the operator. The launch was achieved after last year, Fanatics agreed to acquire PointsBet’s US-facing assets.

Now, as announced by Play Pennsylvania, Fanatics continues its online casino expansion with a planned launch in Pennsylvania for next week. Users who had PointsBet accounts were informed earlier this week by Fanatics that their accounts would be transitioned to Fanatics sportsbook and casino next week.

Additionally, Fanatics explained that users will receive further instructions in due time and are not required to do anything currently. Similar to other transitions for the sector, the company explained that the user’s information, including Rewards Points, Bonus Bets and outstanding balance will be automatically transferred to Fanatics sportsbook and casino.

Still, the operator explained that the Free Spins belonging to users with PointsBet Casino accounts are not going to be transferred to the new platform. Fanatics vowed to disclose additional details about the upcoming launch soon.

“PointsBet is becoming Fanatics Sportsbook and Casino, and your account is moving with you next week,“

reads an email sent to PointsBet users

Customers of the Operator Can Earn FanCash

Just like other betting and iGaming operators, Fanatics offers a loyalty program. The operator’s system allows punters who participate in online gambling and wager on sports to earn FanCash. This form of loyalty currency can then be exchanged for bonus wagers or can be used by sports fans to purchase sportswear of their favorite team.

Fanatics tapped into the established customer base of PointsBet by acquiring its US-facing assets in a deal for $225 million dating back to last year. While the company initially proposed $150 million for those assets, betting industry rival DraftKings made a $195 million proposal. This prompted Fanatics to upgrade its initial offer to $225 million, which was ultimately the cost of the acquisition.

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The potential public offering comes on the heels of two investor days this year, fueling previous market rumors suggesting a possible IPO debut for the Florida-based merchandise and media giant. The company’s successful foray into sports betting highlighted its successful diversification efforts as it built upon its partnerships with high-profile leagues like the NFL, NHL, NBA, and MLB.

Recent Developments Offer Intriguing Insights

Despite Fanatics’ conspicuous silence regarding the matter, several developments hint at an impending IPO. The company’s April appointment of Deborah Crawford, a seasoned executive with a track record in investor relations at Meta Platforms, Ancestry.com, and Netflix, signals extensive preparations to weather investor scrutiny. This move makes little sense without plans to go public.

The company’s valuation soared to $31 billion following a $700 million capital raise in December 2022, positioning it as a potential frontrunner for one of the largest IPOs in the upcoming year. Fanatics has leveraged its impressive growth to fuel an acquisition spree in recent years, purchasing trading cards specialist Topps and iconic clothing brand Mitchell & Ness.

Exclusive licensing agreements with major sports leagues like the NFL, NHL, NBA, MLB, and various colleges and universities form another cornerstone of Fanatics’ business strategy, bolstering all the company’s verticals. Fanatics’ broader push into the lucrative US sports wagering arena is perhaps its most ambitious project, attracting significant stakeholder attention.

The Company’s Debut Will Represent New Opportunities

Fanatics recently acquired PointsBet’s US operations for $150 million, signaling its intent to delve deeper into the US sports betting landscape. The company has already launched the Fanatics Sportsbook app in Maryland, Massachusetts, Ohio, and Tennessee, capitalizing on growing interest in the sports betting sector.

Despite Fanatics’ substantial investments in the sports wagering sector, it faces significant competition from established betting giants like BetMGM, DraftKings, and FanDuel. The launch of ESPN Bet also poses a substantial challenge, diverting some of the attention away from its debut. However, the company remains confident in its ability to capitalize on its internal synergies and reach new audiences.

As the buzz surrounding Fanatics’ potential IPO gains momentum, industry observers and investors await the company’s official announcement, positioning it as a noteworthy event in sports and finance for the upcoming year. Fanatics has been understandably reluctant to share additional details, but its extensive preparations and impressive momentum leave little room for doubt regarding its intentions.

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The global digital sports platform, Fanatics Holdings, announced that its subsidiary, Fanatics Betting and Gaming, rolled out its sportsbook for the regulated gambling market in West Virginia. Announced Thursday, the launch promises the most rewarding online sportsbook in the state, offering supreme entertainment and experiences. Thanks to the launch, Fanatics Sportsbook is now available for visitors and residents in West Virginia with Android and iOS devices.

The launch of the new sportsbook comes after earlier this year, Fanatics Betting and Gaming confirmed the acquisition of the US assets of PointsBet. Announced back in August, the acquisition helped strengthen the operator’s footprint in the country. At the time, Fanatics confirmed its plans to migrate PointsBet’s customers to its new Fanatics Sportsbook mobile app.

As a result of the new launch, West Virginia customers who previously had an account with PointsBet can now use the same credentials to access the Fanatics Sportsbook. Such customers can use their username, password and account balance, as well as settings related to responsible gambling and rewards points when accessing Fanatics’ betting app.

The launch of Fanatics Sportsbook comes after recently, the company inked a partnership with Paysafe, the leading payments specialist. Announced earlier this week, the collaboration saw Fanatics tap into the company’s traditional card payments and alternative payment methods.

The New Sportsbook Offers a Plethora of Features

As the newest sportsbook in West Virginia, Fanatics’ mobile betting app offers exciting new features. Sports fans and bettors alike can benefit from the sportsbook’s technology that was built natively on Android and iOS, ensuring supreme experiences thanks to quality services, high speed and intuitive design.

Fanatics Sportsbook also claims it is the most rewarding mobile app in the state with its FanCash – The Currency of Sport, an engaging loyalty program that allows dollar-for-dollar conversions as well as access to sports merchandise. Additionally, the mobile app grants customers a chance to earn 5% FanCash on same game parlay bets, 3% on parlay bets, as well as 1% on straight bets and odds boosts.

Sports bettors that use Fanatics Sportsbook can also access an industry-leading search that offers search history, searching via alias/synonyms for events, markets and leagues. Powered by Genius Sports Limited, the sportsbook is one of the first that offers live streaming with BetVision. Thanks to the live streaming functionality, the sportsbook enables customers to access live streaming and place wagers via the same app.

Another feature that underlines the quality of Fanatics’ sports betting app is its personalization. The sportsbook features trending bets, special promotions and rewards that fit the profile of each individual bettor.

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In mid-August, Fanatics Holding’s online and retail sports betting division, Fanatics Betting and Gaming, successfully ended a six-month beta-testing phase for the Fanatics Sportsbook app with the official launch in Tennessee on March 2. Soon followed Ohio, Massachusetts, and Maryland. 

During the same month, the sports merchandise company announced it would give its sports wagering loyalty platform a big boost by getting ready to launch collectibles and trading cards as part of the rewards program. 

Now, according to Fanatics Betting & Gaming’s chief business officer, Ari Borod, the launch of an iCasino is in the books. While Fanatics will continue to be strongly focused on sports, online casino gaming is now also an integral part of their “long-term strategy.” 

Giving Customers What They Want

Considering iCasino to be “a very good business” in the long run, Borod believes Fanatics should start catering to the needs of bettors who are also interested in playing online blackjack on their phones – while preventing them from giving their business to competitors. 

Accordingly, the operator will need to “give the customer what they want,” which translates to the company’s current plans to launch an online casino in those US states where casino gambling is not frowned upon by legislators. 

Rushing the product to the day of its market release is not, however, an option for Fanatics. Since it is “too late for Fanatics to be the first,” their main goal will be to become the best in the industry. Based on the lack of sufficient innovation in the online casino world, Borod believes that, through hard work, their new strategy should pay off. 

The Big iCasino Launch Might Take Place By the End of the Year 

None of the four states that have already been introduced to the company’s sportsbook app offer legal casino gambling. This means there is no immediate need to launch an iCasino there. 

Nonetheless, the virtual gambling venue now represents a priority for the operator whose aim is to see it launch in states like Michigan, West Virginia, and Pennsylvania where online casinos are now legal and live. The big launch would take place either by the end of the current year or at the head of the next year, “if we don’t feel it’s perfect yet,” as commented by Borod during a Gamble On podcast episode.

The chief business officer further explained that the operator would be showing the same type of commitment to improving both the casino and the sports products in parallel. 

It is safe to assume that the operator will first put the iCasino products through the same type of lengthy and comprehensive beta testing as it did with its mobile sportsbook app prior to giving it the green light for launch. 

Earlier in the month, Fanatics hired ex-Opendoor executive Andrew Low Ah Kee to run its $5 billion sports merchandise business as chief executive officer.

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Fanatics, a global digital sports platform, has reinforced its Fanatics Holdings team with the appointment of Parag Agrawal as its new chief information officer. The newly-created role will see the IT heavyweight apply his skills to lead Fanatics’ internal digital systems transformation.

As CIO of the company, the hire will be responsible for improving the company’s accounting, financial planning and analysis, and human resource capabilities. He will also be tasked with creating a dedicated IT infrastructure for the company and partnering with IT firms to further bolster Fanatics’ IT capabilities.

Agrawal’s experience in the IT sector made him perfect for the position. The appointee previously served Chobani, holding a variety of positions over the last nine years. Most recently, he served Chobani as CIO, leading an overhaul of the company’s software platforms to allow further growth.

Prior to that, Agrawal held leadership and tech-related positions at Materne North America, Avon, American Promotional Events, PFSweb and Metamor Global Solutions.

Agrawal boasts an MBA in Innovation and Technology Management from Pacific Lutheran University. He also has a B-Tech from the National Institute of Technology in Warangal, India.

Agrawal Is Excited to Work for Fanatics

As CIO, Agrawal will work directly under Fanatics’ executive VP and chief financial officer, Glenn H. Schiffman from Fanatics’ new HQ in New York City. The CFO welcomed the new hire to the company, saying that he is joining at the perfect time.

His [Agrawal’s] experience and expertise are exactly what we need to ensure that we not only enhance our current systems, but that we continue to adopt cutting-edge solutions moving forward. I am thrilled to welcome him to the team.

Glenn H. Schiffman, exec VP & CFO, Fanatics

Schiffman noted that Fanatics is committed to building the leading global digital sports platform and delivering more value to fans and partners. However, this requires continuous investments in tech and data solutions.

Agrawal also commented on his new appointment, praising Fanatics for innovating the sector and delivering incredible fan and partner experiences. He said that he is excited to adopt this energy and mindset and apply it to the company’s internal systems and platforms.

I look forward to working alongside Glenn and team to ensure a best-in-class experience that continues to allow for us to grow and succeed together as a global organization.

Parag Agrawal, CIO, Fanatics

In other news, PointsBet’s shareholders recently approved the sale of the company’s US-facing business to Fanatics. This arrangement will provide Fanatics with extra assets to manage, further underlying the need for robust IT solutions and the importance of Agrawal’s appointment.

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Interest in PointsBet’s US division continues to mount as multiple parties expressed interest in acquiring the gaming entertainment company’s regional assets. DraftKings’ recent proposal is substantially higher than the competing offer by Fanatics, increasing its appeal to shareholders. A successful acquisition would bolster DraftKings’ position in the rapidly expanding US sports betting market.

The New Proposition Represents a Last-Minute Upset

Australian-based sports betting operator PointsBet entered the US market in 2018 and has experienced significant growth and success. However, the company is facing substantial financial pressures. Despite rising revenues, plummeting EBITDA and an unexpected cash outflow hurt the operator’s long-term profitability, motivating the decision to sell its US-facing arm.

Several companies have already expressed interest in acquiring PointsBet USA. In May, global digital sports platform Fanatics offered $150 million. The deal seemed all but certain, as the two companies released a joint statement claiming the agreement would soon become official. However, the most recent updates cast doubts on these assertions as DraftKings leaped in at the last moment with a competing offer.

DraftKings clearly intends to snatch away the desirable US business, offering $195 million for PointsBet USA’s assets. The proposal threatens to end the already-agreed Fanatics deal, significantly impacting the other operator’s plans. PointsBet’s board of directors announced they would evaluate the new offer, noting that timely execution and regulatory approval remained vital factors.

An Additional $45 Million Are Difficult to Refuse

The proposed acquisition holds several strategic benefits for both companies. DraftKings will significantly expand its market presence and enhance its technological capabilities, potentially offering customers a broader range of betting options and improved features. The deal will also give the operator access to PointsBet’s established customer base, giving it an edge over other high-profile players in an increasingly competitive industry.

All other things being equal, PointsBet seems to have little reason not to go with the more lucrative deal. The extra funds will contribute to the company’s cash reserves, allowing it to focus on its core operations and growth strategies in other markets, like Australia. Divesting its US division should also reduce expenses, contributing to a more efficient and streamlined business.

Although DraftKings’ acquisition proposal came out of the blue, it presents PointsBet with a significant dilemma. The company can either abide by its previous agreement with Fanatics and settle for the lower sum or go with DraftKings and risk alienating the other company. Given shareholder returns usually take priority in such matters, gravitating toward the more lucrative offer is a distinct possibility.

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