The Fanatics Betting and Gaming (FBG) arm of Fanatics Holdings is now one step closer to completing its acquisition of PointsBet US after launching its sportsbook in Colorado. Players in Colorado can now download the Fanatics Sportsbook and begin placing bets on a variety of sports and events. Existing PointsBet customers in Colorado can log in to the Fanatics Sportsbook using their current credentials, and their open bets, balances, and responsible gambling settings will be transferred to the Fanatics platform.
This launch in Colorado marks the eighth US state in which FBG has rolled out the Fanatics Sportsbook. This follows previous launches in Kentucky, Maryland, Massachusetts, Ohio, Tennessee, West Virginia, and Virginia. The acquisitions in West Virginia and Virginia took place towards the end of last month.
In June, FBG agreed to acquire the US operations of PointsBet in a deal valued at $225.0m. This was an increase from the initial offer of $150.0m due to a rival proposal from DraftKings. After PointsBet shareholders approved the higher offer in June, Fanatics began to take over PointsBet’s operations across the US.
In September, Fanatics was approved to acquire PointsBet US in eight states, including New Jersey, Pennsylvania, Colorado, Iowa, Kansas, Maryland, Virginia, and West Virginia. In October, the acquisition of PointsBet operations in New York and Wyoming was also completed. However, the deal is not yet complete in several other states where PointsBet is active, so PointsBet will continue to operate in Illinois, Indiana, Louisiana, Michigan, and Ohio until FBG closes in each state.
FBG has not provided a specific timeline for when it expects the acquisition and subsequent launches to be finalized in other US markets. In addition to these developments, FBG recently became the new sports betting partner of the Connecticut Lottery Corporation, with the Fanatics Sportsbook becoming the exclusive sports betting partner for the Connecticut Lottery. This partnership will cover both mobile and retail betting, with the transition expected to occur in mid-December. The sportsbook will be available across 10 retail betting locations in Connecticut, as well as on mobile.