Though Fanatics have announced plans to go live with their sports betting arm in 11 states (and online casino in four) by September, they are not, by all accounts, considering doing so in Michigan.
The sports memorabilia brand acquired PointsBet’s US assets and is clearly keen to make speedy moves in the market, with the NFL season being a key part of their bottom line.
In the meantime, the brand will remain as PointsBet in Michigan both in terms of its sports betting and casino activities.
It’s worth noting that both markets are doing very well in the Great Lakes state, and if you want to learn more check out Mlive reviews to compare the best deals, offers, promotions, and brands in the region.
Fanatics is very much geared to move things along in terms of their online gaming assets, with the company stating on its website;
“Fanatics Betting & Gaming is building an online and retail sports betting and online casino real-money wagering platform. Fanatics Betting & Gaming launched its first retail sportsbook in Maryland in January 2023, and in May 2023 launched the beta version of its mobile sportsbook in both Tennessee and Ohio. Fanatics intends to launch and operate its sportsbook and iGaming platform in additional states in 2023.”
It is believed that Fanatics will make the push to rebrand in Michigan in 2024. PointsBet sold its US assets to Fanatics in June after they outbid DraftKings when they increased their offer from $150 million to $225 million.
The deal was happily accepted, and the company’s non-executive chairman, Brett Paton, stated via a press release;
“The Board unanimously supports the improved proposal from Fanatics Betting and Gaming, which provides a superior price plus certainty. Fanatics Betting and Gaming conducted their diligence process and negotiations in a highly professional manner at all times.”
“The offer to “front end” the additional consideration is an element which we regarded as a welcome and significant benefit to our shareholders.”
The deal was also welcomed by Fanatics, with a company spokesman stating;
“We are thrilled that the shareholders of PointsBet Holdings Inc. voted to approve our acquisition of the U.S. businesses of PointsBet,”
“We moved decisively to close the deal and we look forward to working with our friends at PointsBet Holdings Inc. to finalize the remaining acquisition details. This is a pivotal moment for Fanatics Betting and Gaming that will accelerate our growth in the legal online sports betting, advance deposit wagering and iGaming markets in the United States. Pending regulatory approvals in the various states in which PointsBet operates, we will have more details to share in the coming weeks on how the acquisition of PointsBet US businesses will bring to life our unique vision for Fanatics Betting and Gaming.” PointsBet opened in Michigan in January 2021 and partnered with the Lac Vieux Desert Band of Lake Superior Chippewa Indians and the Northern Waters Casino. Fanatics will now seek to build on that partnership in due course.