Fanatics Seals Deal to Buy PointsBet's U.S. Assets for $225 Million After Bidding War

Fanatics will recommend PointsBet shareholders approve a $225 million deal to acquire PointsBet's U.S. business.
Fanatics originally offered $150 million but increased their bid after DraftKings offered $195 million.
The deal provides Fanatics access to 15 states and PointsBet's technology and licenses.
CEO Michael Rubin doubted DraftKings' offer and saw it as an attempt to delay Fanatics' entry into the sports betting market.
The cost is higher than $225 million due to PointsBet's $250 million ad deal with NBC.