Fanatics, the largest sports apparel and collectibles company in the world owned by Bryn Mawr billionaire Michael Rubin, agreed to pay $150 million for the U.S. business of Australian-based PointsBet. Jeff Neiburg went all-in to cover the deal in The Philadelphia Inquirer.
“While there are still several steps in the process to complete the acquisition, both parties are confident in the outcome,” said company spokespeople on both sides of the deal.
Fanatics, which has offices in Conshohocken, is using this acquisition as a way to grow its sports betting operation. The service recently launched a sportsbook at the home of the Washington Commanders, FedEx Field, and it has also a beta version of its mobile sportsbook in Tennessee and Ohio.
Acquiring PointsBet provides Fanatics with entry into several major markets, including Pennsylvania and New Jersey. The company has tried to get a sports betting license in New York recently, but its application was denied. Since PointsBet is in New York, Fanatics now has a route into one of sports betting largest markets.
The acquisition is not yet finalized, but the companies said updates will be provided “in the coming weeks.”
Read more about the PointsBet acquisition in The Philadelphia Inquirer.