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Fanatics Raises the Stakes, Increases PointsBet US Bid to $225m

  • Fanatics increased its bid to $225m to surpass DraftKings’ $195m offer
  • PointsBet shareholders will vote on the offer on June 30
  • The PointsBet board recommended that shareholders vote in favor of the Fanatics bid
Andrew O’Malley

Auctioneer raising hammer
Fanatics has increased its offer to acquire the US assets of PointsBet to $225m in an attempt to hold off DraftKings. [Image: Shutterstock.com]

Fanatics has increased the size of its offer to buy PointsBet’s US assets to $225m, a 50% increase from its previous bid. DraftKings attempted to hijack the transaction when it submitted a $195m bid on June 16. A vote will take place on June 30 among PointsBet shareholders about the most recent offer.

provides a superior price plus certainty”

PointsBet Chairman Brett Paton issued a statement about the latest bid, saying: “The Board unanimously supports the improved proposal from Fanatics Betting and Gaming, which provides a superior price plus certainty.” DraftKings had until Tuesday to submit a binding offer, but they failed to do so.

Fanatics is a popular sports merchandise and collectibles company. Its Fanatics Betting and Gaming subsidiary is leading its expansion in the betting space

If the deal goes ahead, then Fanatics will have a foothold in another dozen US states, including New Jersey, New York, and Pennsylvania. The company saw DraftKings’ attempt to derail its acquisition as a tactic to try to slow the company’s expansion in the sports betting market.

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