Fanatics bumps offer for PointsBet, besting the DraftKings bid
Regardless of whether it’s the product of a grudge from an abandoned merger, Fanatics and DraftKings are doing battle for PointsBet.
Fanatics is currently winning.
According to Eben Novy-Williams of Sportico.com, Fanatics has increased its offer for PointsBet’s U.S. operations from $150 million to $225 million. That’s more than the $195 million DraftKings had offered.
Per the report, the PointsBet board unanimously recommended the sale to Fanatics. DraftKings reportedly was “unable” to finalize a new bid before today’s deadline.
Over the weekend, the New York Post reported that the duel for PointsBet traces to a failed merger of Fanatics and DraftKings from 2021. As that report went, Fanatics CEO Michael Rubin backed out of the deal, leaving DraftKings CEO Jason Robins miffed at the development — and determined to block Rubin’s effort to land PointsBet.
Regardless of the motivation(s), the two companies went head to head for PointsBet, and Fanatics apparently has won. If/when finalized, it gives the company that hopes to broaden into a comprehensive destination for sports fans a chunk of existing sports betting licenses in multiple states.
Source: NBC Sports
