Fanatics agrees to acquires sports betting company PointsBet's U.S. assets for $150 million, sources said.
The deal values the assets at about $150 million.Fanatics logo is seen on the dugout wall before the game between the Pittsburgh Pirates and the Milwaukee Brewers at PNC Park on July 3, 2022 in Pittsburgh, Pennsylvania. Fanatics has agreed to acquire the U.S. operations of PointsBet, marking the sports giant's first major leap into U.S. sports betting.
PointsBet, whose shares are traded in Australia, is expected to hold a shareholder vote on the deal, at the end of June, the person said. Only PointsBet's U.S. assets are part of the deal, said the people. Fanatics will plan to fund some of the remaining cash flow burn from PointsBet, which has had to spend heavily on marketing to compete with larger rivals
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