{"id":944,"date":"2023-07-03T08:11:47","date_gmt":"2023-07-03T05:11:47","guid":{"rendered":"https:\/\/xxbet-company.com\/fanatics-seals-deal-for-pointsbet-us\/"},"modified":"2023-07-03T08:11:47","modified_gmt":"2023-07-03T05:11:47","slug":"fanatics-seals-deal-for-pointsbet-us","status":"publish","type":"post","link":"https:\/\/xxbet-company.com\/nb\/fanatics-seals-deal-for-pointsbet-us\/","title":{"rendered":"Fanatics Seals Deal for PointsBet US"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_34 counter-flat ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Innholdsfortegnelse<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1'><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/xxbet-company.com\/nb\/fanatics-seals-deal-for-pointsbet-us\/#Pivotal_Moment_for_Fanatics\" title=\"\u2018Pivotal Moment\u2019 for Fanatics\">\u2018Pivotal Moment\u2019 for Fanatics<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/xxbet-company.com\/nb\/fanatics-seals-deal-for-pointsbet-us\/#Right_Time_for_PointsBet_to_Depart_US\" title=\"Right Time for PointsBet to Depart US\">Right Time for PointsBet to Depart US<\/a><\/li><\/ul><\/nav><\/div>\n<p>PointsBet (OTC: PBTHF) announced investors overwhelmingly voted in favor of $225 million all-cash takeover offer for its US operations from Fanatics.<\/p>\n<figure aria-describedby=\"caption-attachment-279719\" data-style=\"width: 430px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-279719 size-post-thumbnail-430xAUTO\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/06\/fan2-430x287.png\" alt=\"PointsBet Fanatics\" width=\"430\" height=\"287\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/06\/fan2-430x287.png 430w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/06\/fan2-238x158.png 238w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/06\/fan2-194x128.png 194w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/06\/fan2.png 630w\" sizes=\"(max-width: 430px) 100vw, 430px\" title=\"\"><figcaption class=\"text-description\">Fanatics CEO Michael Rubin. The company is officially acquiring PointsBet US. (Image: <em>Yahoo Sports<\/em>)<\/figcaption><\/figure>\n<p>At the Australian company extraordinary group meeting (EGM) earlier today, 99.16% of PointsBet shareholders voted for the bid, which privately held <a href=\"https:\/\/www.casino.org\/news\/fanatics-lifts-offer-for-pointsbet-us-topping-draftkings\/\" rel=\"nofollow noopener\" target=\"_blank\">Fanatics revised earlier this week<\/a>, tacking on 50% to its original offer.<\/p>\n<div class=\"callout\">\n<p>The vote caps a tumultuous two weeks that saw DraftKings (NASDAQ: DKNG) enter the fray for PointsBet US, <a href=\"https:\/\/www.casino.org\/news\/draftkings-pointsbet-bid-tops-fanatics-offer-by-30\/\" rel=\"nofollow noopener\" target=\"_blank\">bidding $195 million<\/a> in cash for the business. While DraftKings made an offer that was initially higher than what was proposed by Fanatics and PointsBet announced it would engage in talks with DraftKings, that company never made a binding proposal and Fanatics ultimately boosted its bid for PointsBet US.<\/p>\n<\/div>\n<p><strong>Some analysts and sports wagering industry observers believe DraftKings was acting as more than an irritant to Fanatics due to rumored acrimony between DraftKings CEO Jason Robins and Michael Rubin, his Fanatics counterpart.<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Pivotal_Moment_for_Fanatics\"><\/span>\u2018Pivotal Moment\u2019 for Fanatics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>After being tied to sports betting industry consolidation rumors for an extended period of time and never striking deal, Fanatics is at the center of one of the gaming sector\u2019s most noteworthy 2023 transactions.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>This is a pivotal moment for Fanatics Betting and Gaming that will accelerate our growth in the legal online sports betting, advance deposit wagering and iGaming markets in the United States. Pending regulatory approvals in the various states in which PointsBet operates, we will have more details to share in the coming weeks on how the acquisition of PointsBet US businesses will bring to life our unique vision for Fanatics Betting and Gaming,\u201d according to a statement from the Florida-based company.<\/p>\n<\/blockquote>\n<p>While PointsBet (and others) significantly lag FanDuel and DraftKings in terms of US online sports wagering market share, the acquisition could be vital in helping Fanatics realize its goal of being live with mobile betting <a href=\"https:\/\/www.casino.org\/news\/fanatics-eyes-more-sports-betting-launches\/\" rel=\"nofollow noopener\" target=\"_blank\">in at least a dozen states<\/a> by the start of football season.<\/p>\n<p>PointsBet Chairman Brett Paton noted PointsBet US is one of just seven operators in this country that have market share in excess of 1%<strong>.<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Right_Time_for_PointsBet_to_Depart_US\"><\/span>Right Time for PointsBet to Depart US<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>By selling its US business , PointsBet can hone its focus on its Australian and Canadian operations and other opportunities. Paton acknowledged it had become too expensive for the company to compete in the US and that continuing to do so would have required further dilutive capital raises.<\/p>\n<p><strong>\u201c<\/strong>The short answer is that despite having some strategic success, the costs of competing against the largest companies of their type in the world meant the business would not be cash flow-positive in the near term. Continuing to operate the US business would require significant capital and further capital raises,\u201d he told investors.<\/p>\n<p><strong>Paton also acknowledged PointsBet US was sold at a loss. He didn\u2019t elaborate on that point and noted the operator isn\u2019t considering a sale of its Australian unit at this time.<\/strong><\/p>\n<p>The post <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\/pointsbet-shareholders-approve-sale-of-us-biz-to-fanatics\/\" target=\"_blank\">Fanatics Seals Deal for PointsBet US<\/a> appeared first on <a rel=\"nofollow noopener\" href=\"https:\/\/www.casino.org\/news\" target=\"_blank\">Casino.org<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>PointsBet (OTC: PBTHF) announced investors overwhelmingly voted in favor of $225 million all-cash takeover offer for its US operations from Fanatics. Fanatics CEO Michael Rubin. The company is officially acquiring PointsBet US. (Image: Yahoo Sports) At the Australian company extraordinary group meeting (EGM) earlier today, 99.16% of PointsBet shareholders voted for the bid, which privately <a href=\"https:\/\/xxbet-company.com\/nb\/fanatics-seals-deal-for-pointsbet-us\/\" class=\"more-link\">&#8230;<\/a><\/p>","protected":false},"author":1,"featured_media":945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/posts\/944"}],"collection":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/comments?post=944"}],"version-history":[{"count":0,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/posts\/944\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/media\/945"}],"wp:attachment":[{"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/media?parent=944"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/categories?post=944"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xxbet-company.com\/nb\/wp-json\/wp\/v2\/tags?post=944"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}