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At a meeting last week, shareholders of PointsBet Holdings Limited overwhelmingly approved Fanatic’s $225 million acquisition of the company’s U.S. assets, setting the stage for the upstart sportsbook’s expansion into several major
The meeting mostly lacked suspense after PointsBet’s board unanimously recommended Fanatics Betting and Gaming’s (FBG) improved proposal. The board unilaterally endorsed the bid from Fanatics after
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DraftKings made
Beset by low U.S. market share and capital constraints, PointsBet hired investment bank Moelis & Company to seek a potential buyer in April. Amid intense speculation at last month’s SBC North American Summit, it was found that PointsBet had entered into advanced negotiations with Fanatics. Less than 72 hours later, Fanatics agreed to acquire the Australian-headquartered company’s U.S. division, which could become a transformative deal for the domestic sports betting space.
Although PointsBet achieved a modicum of success in the States, the financial challenges of competing against some of the world’s largest companies in the industry proved too much to overcome. If PointsBet continued operations in the U.S., he conceded that it would have been difficult for the division to achieve positive cash flow in the near term. As a result, maintaining U.S. operations would have required significant capital and further capital raises. While PointsBet is exiting the U.S. at a loss, the company did not disclose the figures.
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