Fanatics has agreed to pay $225 million, almost double what it originally offered, to acquire PointsBet’s U.S. sports betting business, writes Jeff Neiburg for The Philadelphia Inquirer.

The company, which has an office in Conshohocken, agreed to increase their offer after a bid from DraftKings came in.

Two weeks ago, DraftKings brought to the table a nonbinding offer of $195 million. This was after Fanatics and PointsBet had already agreed to a $150 million deal.

Fanatics CEO, Michael Rubin, a Bryn Mawr resident and graduate of Plymouth Whitemarsh High School, said that the move by DraftKings was intended to put a wrench in Fanatics’ expansion plans.

While the move doesn’t look like it succeeded — DraftKings was unable to finalize a binding offer before the deadline — it did lead Fanatics to increase their offer from $150 million to $225 million.

The acquisition of PointsBet will give Fanatics the ability to expand, giving the company access to a dozen new markets, including Pennsylvania, New Jersey, and New York.

Fanatics has grown from a leading apparel company to an apparel, merchandise, and collectibles giant, and now it is also adding in sports betting. The company says its app and rewards program will separate itself from its competition.

Read more about the acquisition in The Philadelphia Inquirer.

______________________

Fanatics Under Wrap MLB Jerseys 2023.