2LT National News

Fanatics reached an agreement Monday to acquire PointsBet’s U.S. division for $150 million in cash.

“Fanatics and PointsBet are excited to enter into an agreement for Fanatics Betting and Gaming to acquire PointsBet’s US business,” a joint statement from the two companies said. “While there are still several steps in the process to complete the acquisition, both parties are confident in the outcome. Fanatics Betting and Gaming and PointsBet will provide further details of the proposed deal and timely updates in the coming weeks.”

Fanatics had been in advanced negotiations to purchase the Australian sports betting operator and the rights to its “PointsBetting” apparatus, Sports Handle reported Friday.

The move is an attempt by Fanatics to enter legal sports betting markets in the United States. PointsBet has market access in 14 U.S. states; Fanatics CEO Michael Rubin told an audience at a sports business event last month that Fanatics aimed to be operating in around 12 states by next football season.

Fanatics had already begun developing footholds in North America. Earlier this year it launched the first retail sportsbook inside an NFL stadium when it opened its doors inside FedEx Field, the Washington Commanders’ home in Landover, Md.

The deal remains subject to approval by PointsBet shareholders.

–Field Level Media