Fanatics Casino recently launched its standalone app in the three states, as well as West Virginia. A press release announcing the partnership claims Fanatics is “America’s fastest-growing online casino.”

Kieron Shaw, Manager of the company’s Casino Games Content commented: “We’re thrilled to partner with Bragg Gaming Group to bring their diverse and engaging iGaming content to our players in New Jersey, Michigan, and Pennsylvania.”

“This collaboration is a significant step in our strategy to expand our iGaming offerings and capitalize on the substantial growth projected for these key markets. 

“Bragg’s impressive catalogue, including titles from Wild Streak Gaming and their third-party studio partners, along with their innovative promotional tools, will undoubtedly enhance the gaming experience for our users and help us springboard our presence across these important states.”

Fanatics Expansion In Gambling Industry Continues

Fanatics Betting and Gaming launched in 2021, and the company accelerated its growth in the market through the acquisition of PointsBet in 2023. 

The company now says that “Fanatics Sportsbook is available to 95% of the addressable online sports bettor market in the U.S.”

The launch of the Fanatics Casino app and partnership with Bragg marks an increased focus on the lucrative iGaming market. 

Pennsylvania, Michigan, and New Jersey online casinos all generated over $2 billion in gross gaming revenue last year. 

Fanatics is estimated to hold roughly 5% of the market share in the three states, trailing behind leading operators BetMGM, FanDuel, and DraftKings. Together, these three operators have between 70-80% of the online casino market.

The company hopes the launch of its standalone app and integration of Bragg’s games can close the gap on the gaming giants. 

Bragg Expanding Its Reach In US Market

The deal also continues Bragg Gaming’s expansion into the US casino market. The company expanded its partnership with Caesars earlier this year and announced last month that it had signed a deal with Hard Rock Bet to develop exclusive online casino games. 

The company also provides its gaming services to BetMGM at its online casinos in Pennsylvania. 

Commenting on the deal with Fanatics, Matevz Mazij, CEO of Bragg Gaming Group, stated, “With its history of connecting sports fans with merchandise they love and with sports betting and the strong cross-sell between sports betting and iGaming, this launch represents a great opportunity to showcase Bragg’s amazing titles across the three biggest iGaming markets in the U.S.”

“We look forward to developing our relationship as a key partner of Fanatics Betting and Gaming in the North American market as we continue the roll-out with regular new game releases planned.”

In addition to expanding its presence in North America, the company has entered into the newly regulated market in Brazil and other Latin American markets. 

In total, the company says it “is licensed, certified, or otherwise approved and operational in over 30 regulated iCasino markets globally,” with a significant presence in Europe as well as the Americas. 

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The state launched the tax on July 1. Henceforth, Illinois sportsbooks must pay $0.25 on the first 20 million online bets placed in the state annually. If they exceed this threshold, they will have to pay $0.50 on every further bet.

Sports Business Journal quoted a Fanatics spokesperson as stating said its decision “reflects the high cost of operating” in Illinois.

The Fanatics move comes hot on the heels of similar announcements from the operators FanDuel and DraftKings.

CBS News Chicago reported that sports betting companies were only “expected to eat the costs” for a short period of time.

Both FanDuel and DraftKings have announced they will start charging gamers a $0.50 fee on every wager placed in Illinois from September 1 this year.

Lawmakers included the new tax law in the latest state budget, which passed the Illinois General Assembly early last month.

Fanatics Not Expected To Reach 20 Million Bets Threshold

Analysts said last month that DraftKings would have paid out around $68 million in additional taxes if the new levy had been in effect last year.

Experts also think that only FanDuel and DraftKings currently exceed the 20 million bet threshold, meaning that Fanatics bettors will likely only need to pay an additional $0.25 per bet for the foreseeable future.

Observers claim that the providers may cut the number of promotional events they offer in Illinois to offset rising costs.

Illinois last year introduced a progressive tax system of up to 40%, a steep rise from its previous rate of 15%.

The Sports Betting Alliance said last month that a per-bet tax mostly “penalizes small recreational bettors, many of whom are betting a single dollar or two.”

The alliance warned that lawmakers were “essentially urging customers, and especially these small-dollar bettors, to switch to unsafe and unregulated sportsbooks.”

It claimed that these unregulated platforms “defy state consumer protections and generate zero taxes for state priorities.”

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The hearing was announced on 17 April and held as planned, lasting for nearly two hours. 

Fanatics Going Through the Massachusetts Suitability Process

The regulator decided that Fanatics Betting and Gaming is suitable to progress to a full license, joining the six other licensed operators in the state. 

Fanatics is currently operating in the state under a one-year category 3 sports betting license. All seven operators are in a similar position and will have to undergo a suitability process to receive a full five-year sports betting license.

During the hearing, Fanatics founder and CEO Michael Rubin said, “Thank you for the time and energy all of you are putting into this throughout the review. We appreciate the partnership, we care about you a lot, and you’re an incredibly important state to us.”

The Massachusetts Gaming Commission Investigations and Enforcement Bureau’s (IEB) counsel, Kathleen Kramer, said the bureau’s ultimate recommendation was to award durable suitability to Fanatics for a full license.

Kramer said that the IEB’s investigation has concluded that the applicant and each qualifier has established their qualifications for durable suitability. “The IEB recommends the commission find the applicant and all of the qualifiers suitable, subject to conditions,” Kramer added.

The conditions include, but are not limited to, updating or improving MGC’s understanding of Fanatics’ platform’s cybersecurity policy, and continuing to update IEB on the status of its gaming compliance committee.

Kramer noted that the suitability process is ongoing and that IEB will continue to monitor the situation. 

Other Operators All Must Go Through the Same

DraftKings was the first operator to undergo the MGC’s process. This happened in December during a nearly five-hour meeting. 

All other operators working under temporary licenses will have to undergo the same process. In addition to DraftKings and Fanatics, other candidates currently operational in the state are Bally Bet, BetMGM, Caesars Sportsbook, ESPN BET, and FanDuel.

The post Fanatics Advances Toward Full Five-Year License in Massachusetts appeared first on CasinoBeats.

582,120

The UK Gambling Commission settled with bet365 on a sanction of £582,120 after the operator was found to have shortcomings when it comes to the anti-money laundering and social responsibility requirements of its bingo and casino business. 

The decision comes after a Commission compliance assessment took place in March last year, which discovered the bet365 failings.

Kay Roberts, Executive Director of Operations at the UKGC, emphasised that the failings aren’t as severe as other gambling businesses in recent years. However, she stated that the breaches didn’t stand up to the high standards the regulator expects from operators.

She said: “We expect high standards from operators in terms of keeping gambling safe, fair and crime-free, and will always take action to correct any failings. This operator is very aware that a repeat of these failings will result in escalating regulatory action.”

One of the failures stemmed from the firm’s interactions with customers, which were frequently not tailored to the specific customer journey or spectrum of harm and therefore interactions were deemed ‘not meaningful’.

Meanwhile, bet365’s Early Risk Detection System was found to be ‘not demonstrably effective’ in understanding the impact of individual interactions on a customer’s behaviour and whether further action was required.

Furthermore, the investigation was further concerned with the company’s approach to customer care evaluations, as it was unable to effectively determine whether a customer had read and understood the information or advice provided within its interactions.

The operator provided public responses accepting the assessment, in which it stated that bet365 will direct £582,120 towards socially responsible causes as part of the regulatory settlement.  

4

Following four years in the role, Entain has announced that Barry Gibson will be retiring from his position as Chair and from the company’s board at the end of September 2024.

Additionally, the FTSE100 company has announced that current interim CEO Stella David will be replacing Gibson as Chair.

Gibson could also step down from the role earlier than scheduled, depending on the timing of the appointment of a permanent CEO, which Entain says is currently “ongoing and is progressing well”.

Gibson commented: “It has been a privilege to lead the board of Entain for the past four years, and while I have thoroughly enjoyed my time at this dynamic, exciting and innovative business, I reflected a little while ago that 2024 would be the right time for me to retire.

“I am delighted that, in Stella, Entain has an exceptional successor who knows the business well and has already proven herself to be a firm hand on the tiller in her role as interim CEO.”

Gibson was appointed to Entain’s board in November 2019 before becoming Chair in February the following year.

As Chair, he has seen the company undergo its rebrand from GVC Holdings to Entain, overseen the board’s renewal, move to operate in only regulated or regulating markets and the resolution of the HMRC investigation into the group’s former Turkish-facing operations. 

Replacing Gibson as Chair later this year, David was previously a non-executive director and Senior Independent Director from March 2021, before becoming interim CEO in December last year.

David added: “Barry has been a wonderful mentor and source of wise counsel to so many people during his time as Chair of Entain and I would like to personally thank him for his unwavering support. 

53.1

Macau’s gambling sector continued to exceed expectations in March as the region enjoyed 53.1 per cent growth compared to the same period last year. 

In total, this came out to 19.5bn patacas ($2.4bn), with the figure bolstered by a growing number of visitors in the region – as footfall and tourism continued to grow significantly.

The growth was largely underpinned by an uptick when it comes to the recovery of the markets in the region, off the back of the easing of restrictions after the pandemic. 

In spite of the positivity a challenging era may well be ushered in for the casino sector in Macau, as regulatory frameworks around VIP players become increasingly stringent. 

In 2023, the region reported gross gaming revenue of $22.7bn, a staggering annual increase of 334 per cent. 

As a result of the recorded numbers, a stipulation has been triggered which will mean that the six major operators in the region will have to raise their spending on non-gaming investments by 20 per cent.  

225

Fanatics Betting and Gaming has closed on its previously announced PointsBet US business acquisition in its final state of Illinois.

PointsBet confirmed receipt of the final instalment of the headline purchase price of $225m and has transferred the remaining entities to Fanatics.

This includes all of the remaining entities that make up PointsBet’s US sports wagering, advance-deposit wagering and igaming operations, Banach Technology, a copy of the PointsBet platform and a licence to use that proprietary technology. 

Fanatics noted that the resulting transaction has accelerated its growth plans, with the Fanatics Sportsbook now available across 95 per cent of the addressable US online sports betting market.

PointsBet’s Mark Hughes and Aonghus Mulvihill will join the company’s executive leadership team, in addition to more than 200 PointsBet employees in a variety of roles. The company has also taken over the leases of PointsBet offices in Denver, CO and Dublin, Ireland. 

“The acquisition of the US businesses of PointsBet has supercharged our expansion plans,” commented Matt King, CEO of Fanatics Betting and Gaming. 

“In addition to our migration of PointsBet customers and technology to the Fanatics Sportsbook and Casino platform, we have also added an incredibly talented team of passionate leaders from the ranks of PointsBet USA that have already made an impact on our business.” 

5

Economic corridors which could usher in a new era for casino legislation in Thailand have been given a boost after their opening was touted for five years time, in 2029.

Bidding processes for the casinos are set to conclude this year and should they be approved, subject to regulatory sign-off, they could be open in five years. 

In what will be viewed as progress for the bill, the House of Representatives in Thailand approved a study that will explore the benefits of casinos in the region, which will then be published to the government as developments and discussions continue. 

It was also laid out in a statement by the Maybank IB analyst Samuel Yin Shao that the introduction of the corridors will likely be complemented by improved transport links and a myriad of tourism benefits. 

Potentially tapping into the sector could be integral if Prime Minister Srettha Thavisin is to follow through on economic pledges made for the country. 

There were recent developments as one of the key stumbling blocks was overcome with the agreement of a 17 per cent tax rate in the region.  

Furthermore, the bill and the tax rate look to be vital in tackling the black market and halting its growth, as well as enabling the region to compete with Singapore and Macau in terms of the casino sector. 

Details stem from the report which was formed by the previous government and took into account the potential economic impact of casinos, in addition to the social consequences that could come with the growth of the market.

1.12 

Groupe Française des Jeux has announced it has acquired 1.12 per cent of outstanding shares in Kindred from Veralda Investment, corresponding to 2.4 million shares at SEK 122.5 per share.

The French gambling operator submitted an offer to acquire Kindred back in January for around €2.6bn, an offer which was unanimously recommended by Kindred’s board and approved by the Swedish Financial Supervisory Authority in February.

The offer initially launched on February 20 and will last for a maximum of 39 weeks, expiring on or around November 19, 2024, subject to regulatory authorisations and FDJ’s acquisition of at least 90 per cent of Kindred’s capital.

FDJ also obtained irrevocable undertakings to accept 27.9 per cent of outstanding shares in Kindred for SEK 130 per share. Veralda was allowed to sell 50 per cent of its shares, representing a 2.3 per cent stake. 

During its March 15 general meeting, Kindred amended its bylaws “to provide for squeeze-out rights of an offeror”. Shares could not be sold to FDJ at higher than the previously stated offer price of SEK 130 per share.

On March 18, Veralda notified FDJ that it would be selling 49 per cent of its shares, 1.12 per cent of outstanding shares in Kindred for SEK 122.5 per share. FDJ exercised its right to purchase the 2.4 million shares.

Following the purchase, FDJ holds 1.12 per cent of outstanding shares in Kindred, with the remaining irrevocable undertakings with Corvex Management LP, Premier Investissement SAS, Eminence Capital, Nordea and Veralda representing in total 26.82 per cent of the outstanding shares in Kindred.

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It’s a launch that has come through the mini-casino Hollywood York’s licence, which was originally tied to PointsBet before the PointsBet brand was acquired by Fanatics.

The expansion of the firm’s igaming offering has been significantly slower than the firm’s sportsbook growth. As a result of the launch and to ensure it is successful, the operator is currently going through its 48-hour soft launch overseen by the Pennsylvania Gaming Control Board (PGCB). 

Maximising the new market, the Fanatics online casino product will feature the standard offerings of slots and table games, as well as a number of live dealer options from Evolution Studios. There will also be bespoke Fanatics games like the Fanatics Blackjack offering now live in West Virginia.

Game providers working with Fanatics Casino include Light & Wonder, Big Time Gaming, ReelPlay and Spribe. Both online casino play and betting with Fanatics trigger FanCash earnings. FanCash can be used to purchase Fanatics sports merchandise.

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The rebranding process follows from PointsBet shareholders unanimously agreeing to a $225m sale of its US assets – sports wagering, advance deposit wagering, icasino, Banach technology and license to use its proprietary technology platform – to Fanatics.

The transition will vary depending on the state, as three different products will be set out – the Fanatics Sportsbook, ‘PointsBet, a Fanatics Experience’ and PointsBet Casino.

In the states where the Fanatics’ platform is already active – Ohio, Massachusetts, Tennessee and Maryland – those products will remain the same.

However, Maryland also has a PointsBet Sportsbook, which will now be rebranded into ‘PointsBet, a Fanatics Experience’ and remain on the PointsBet platform. Both products will remain operational in the state for now.

This ‘PointsBet, a Fanatics Experience’ transformation will also take place in Colorado, Iowa, Kansas, New Jersey, Pennsylvania, Virginia and West Virginia.

Meanwhile, PointsBet Casino in New Jersey, West Virginia, and Pennsylvania will remain as PointsBet Casino, but the platform’s tech, as well as Banach Technology’s risk management platform, will be incorporated into Fanatics’ Amelco-powered product in the future.

Matt King, CEO of Fanatics Betting and Gaming, commented: “We are excited about what we are building at Fanatics Betting and Gaming and this acquisition accelerates our plans. 

“We have a ten-year plan that focuses on the customer and not market share.  We are going to acquire customers efficiently, allowing us to return savings to customers by investing in the customer experience at Fanatics Sportsbook and PointsBet, a Fanatics Experience.” 

While the rebranding is taking place in some markets, six states – Indiana, Illinois, Louisiana, Michigan, New York and Ohio – will remain as PointsBet Sportsbook for now before eventually switching to Fanatics. Johnny Aitken, CEO of PointsBet US, will also continue in his current role.

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Despite still being in beta within the state of Ohio, as well as Maryland, Massachusetts and Tennessee, this latest development is stated to be on track to swing open its doors during next month.

“The Columbus Blue Jackets are constantly seeking new and exciting ways to engage with our fans,” said Cameron Scholvin, Blue Jackets Senior Vice President and Chief Operating Officer. 

“We believe this collaboration with Fanatics Betting and Gaming on a world-class sportsbook location just outside the doors of Nationwide Arena in the heart of the Arena District does just that.”

The Fanatics Sportsbook Columbus will span 5,000 square feet and feature four betting windows, 14 self-service betting kiosks, an LED Video Wall, 20 TV monitors and a full-service restaurant.

Fanatics, headquartered in New York, boasts the only retail sportsbook inside an NFL stadium at FedExField in Maryland. The group is also working on opening a second retail facility in Ohio in tandem with the Cleveland Guardians.

“We’re thrilled to be partnering with the Blue Jackets to bring a world-class retail experience to the arena district in downtown Columbus,” added Ari Borod, Chief Business Officer, Fanatics Betting and Gaming.

 “The Jackets are one of the youngest teams in the league, and we are excited to leverage our partnership to grow with them and complement our online sports betting experience that is currently being beta-tested in Ohio.”

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99.16 per cent of PointsBet shareholders approved the deal at the company’s Extraordinary General Meeting held on Friday, giving the go-ahead for the US business sale.

During the meeting, Board Chair Brett Paton noted that following the sale of the US business, PointsBet is expected to be “at or around EBITDA breakeven” with Australian business profitability to offset “expected near-term losses of the Canadian business as the latter builds scale”.

Paton noted that the sale “delivers the most attractive risk-adjusted value outcome for PointsBet Shareholders, compared to the risks and benefits of PointsBet pursuing other potential options including the status quo”.

He later added that while he understands shareholders’ disappointment and frustration about the company’s share price performance, the approval would “facilitate a significant return of capital to PointsBet shareholders while retaining exposure to PointsBet’s leading Australian business, growing Canadian business and world-class technology assets”.

Following the finalisation of the deal, PointsBet shareholders are expected to be paid A$1.39 to A$1.44 per share.

Fanatics had initially entered into a binding agreement to purchase PointsBet US for $150m back in May. However, the company was forced to increase their bid after DraftKings submitted a non-binding indicative proposal for the US assets for $195m.

PointsBet received an improved bid by Fanatics of $225m, an offer 50 per cent higher than the initial offer and one that wasn’t matched by DraftKings before PointsBet’s deadline of the end of the business day on June 27.

The payments for the US business will come in two stages – $175m at the initial completion of the deal and $75m once the deal has been finalised.

PointsBet has also agreed to cap its funding requirement for the US business at $21m until the transaction has been finalised.

A Fanatics spokesperson told SBC Americas following the EGM vote: “We are thrilled that the shareholders of PointsBet Holdings Inc. voted to approve our acquisition of the US businesses of PointsBet. We moved decisively to close the deal and we look forward to working with our friends at PointsBet Holdings Inc to finalise 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 US. 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.”

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2022

The Gibraltar Social Democrats criticised the British overseas territory’s government after the Financial Action Task Force revealed that it would remain on the grey list.

The FATF noted that despite “continued progress across its action plan”, all deadlines to implement each point contained therein had now passed. 

Gibraltar was placed on the grey list in June 2022, at the same time as Malta’s delisting was confirmed, when “strategic deficiencies” in AML compliance were said to have been identified. 

At a press conference, Marcus Pleyer, FATF Chair at the time, stated that “there are a number of steps that need to be taken by the country” to ensure its removal.

31

An Australian parliamentary inquiry into online gambling and its impacts on those experiencing harms issued 31 recommendations that are said to “apply a public health lens to online gambling”.

Titled ‘you win some, you lose more’, suggestions issued include a blanket advertising ban, comprehensive national harms reduction strategy, formation of a national regulator, a levy on online wagering service providers, a public education campaign, more independent research and improved data collection.

Furthermore, stronger consumer protections also include a requirement for WSPs to verify their customer’s identity before accepting bets, ban on inducements, legislated duty of care and increased crackdown on illegal entities.

Peta Murphy MP, Chair of the Committee, commented: “Australians are the biggest losers in the world when it comes to gambling. We have a culture where sport and gambling are intrinsically linked.

“These behaviours are causing increasingly widespread and serious harm to individuals, families, and communities.”

236,789

Glitnor Group faced a €236,789 fine from Malta’s Financial Intelligence Analysis Unit due to more than 10 legal provision breaches related to risk assessment failures. 

The online casino group breached several codes under the Prevention of Money Laundering and Funding of Terrorism Regulations, following a compliance review undertaken in 2019. 

One section of the breaches saw the FIAU state that Glintor hadn’t conducted “a thorough consideration of the risks” presented by specific casino and sports betting products that it offers, while also failing to consider risks when “placing reliance on other parties to obtain certain customer due diligence obligations”. 

These were accompanied by several failures in key areas, such as customer identification and verification, risk assessment policies and procedures, and understanding “the purpose and intended nature” of business partnerships. 

4.25

Blackstone is reportedly prepared to listen to offers for half of its interest in Las Vegas’ Bellagio, a little under four years after the US investment management firm purchased the property.

According to Bloomberg News, which could not name sources due to the private nature of the deliberations, Blackstone is considering its options but is, at the current time, not 100 per cent committed to the potential sale.

The New York headquartered firm announced $4.25bn acquisition of the real estate assets of the Bellagio from MGM Resorts International in November 2019, as the latter made further headway into an asset light strategy.

225

Fanatics saw an improved $225m bid accepted regarding the acquisition of the US business of PointsBet after DraftKings made a play to gazump a deal that was agreed in May.

In response to DraftKings $195m deal, labelled as “a significant premium” by the operator, Fanatics raised its previous offer by 50 per cent ($75m), which was subsequently accepted.

Issuing an update on the M&A race, PointsBet noted that it had facilitated a due diligence process to enable a non-binding proposal to be submitted by DraftKings by the end of the Australian business day on Tuesday 27 June. However, that was subsequently missed.

1

Franc Weerwind, Minister for Legal Protection for the Dutch Government, stated that having “norm-setting conversations” with gaming operators could be more effective than imposing fines regarding the upcoming advertising ban for Dutch online gambling.

Weerwind’s comments came in response to Dutch parliamentary questions about the enforcement of the upcoming ban on online gambling advertising, set to begin on July 1.

Members of the House of Representatives Mirjam Bikker, Michiel van Nispen and Anne Kuik asked Weerwind if it was true that comments made at the recent Gaming in Holland event by René Jansen, Chair of Kansspelautoriteit, indicated that the KSA would not enforce fines on operators that break the advertising rules straight away, and if that is the right approach.

12.25

Playtech and NorthStar Gaming enhanced a strategic partnership via a fresh investment that was charged with ramping up the latter’s marketing and player acquisition strategy.

The funding, which follows a C$12.25m outlay being made into the Ontario-based online casino and sportsbook operator earlier in the year, is designed to support “rapid growth and expansion”.

An initial contribution of C$1.5m will be made by Playtech, with this figure potentially being increased to C$4m, to support the company’s acquisition strategy through the remainder of the year and into the first quarter of 2024.

300

Betr raised an additional $35m in a recent investor funding round to give the online sports betting company a valuation of $300m.

The Series A2 round of financing, which had an initial closing in Q2 and is scheduled to conduct a finish closing in Q3, was led by IA Sports Ventures, Eberg Capital and Fuel Venture Capital. Fuel expanded its investment size to date from $10m to $20m.

Betting executive Joey Levy and social media personality Jake Paul – both co-founders of Betr – also took part in the investment round via a personal investment and the Anti Fund, respectively.

Existing investors who took part in the round as well included FinSight Ventures, Florida Funders and Aliya Capital Partners.

215.6

Groupe Partouche praised continued “momentum” from the final half of the previous financial year after publishing turnover of €215.6m in its H12023 financial report, a YoY increase of 15.2 per cent. 

After reviewing the management report of its executive board, the French casino operator, which holds both land-based and online operations in countries such as Switzerland, and Belgium, published the company’s half-year financial statistics from November 2022 to April 2023. 

Outlining that the results prove a “return to normal activity” since the pandemic restrictions were lifted earlier last year, the company published GGR of €341m, a 17.6 per cent uptick on H12022’s figures. 

Meanwhile, the operator witnessed a 24.6 per cent increase in EBITDA to €42.7m, representing 19.8 per cent of the firm’s turnover, compared to H12022’s €34.2m. 

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In response to DraftKings $195m deal, labelled as “a significant premium” by the operator, Fanatics raised its previous offer by 50 per cent ($75m), which has subsequently been accepted and recommended.

Issuing an update on the M&A race, PointsBet noted that it had facilitated a due diligence process to enable a non-binding proposal to be submitted by DraftKings by the end of the Australian business day on Tuesday 27 June. However, that was subsequently missed.

Payments related to the revised Fanatics offer, deemed superior in terms of both pricing and certainty of being able to complete on a timely basis by the PointsBet board, will be made in two stages.

The first will see $175m, including the $75m increase, be received at the initial completion, with the remaining $50m being received upon final consummation.

Given the increased consideration, the PointsBet board estimates that the distribution of capital would now be approximately A$1.39 (US$.92) to A$1.44 (Us$.96) per share

Now that information about the offer has been disclosed, trading of PointsBet on ATX can resume. Earlier in the week, the company asked the exchange to temporarily halt trading of shares amidst the lack of clarity around the sale of the US arm of the business.

Brett Paton, PointsBet Chair, said of the revised offer and ultimately doomed DraftKings pursuit: “The improved proposal delivers PointsBet shareholders a 50 per cent or $75m increase to the acquisition price originally agreed with Fanatics Betting and Gaming. 

“Following the receipt of a non-binding indicative offer for our US business from DraftKings on 16 June 2023, the PointsBet team entered negotiations with both parties. 

“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. 

“Subject to shareholder and regulatory approvals, our US team will have a strong future as part of the Fanatics Betting and Gaming group and PointsBet will build on the opportunities in Australia and Canada underpinned by a strong balance sheet.”

Shareholders will vote on the unanimously recommended transaction at an extraordinary general meeting that will be held this week (Friday 30 June 2023).

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