Fanatics outbids DraftKings to acquire the U.S. assets of sports betting site PointsBet.
"The Board unanimously supports the improved proposal from Fanatics Betting and Gaming, which provides a superior price plus certainty," PointsBet Chairman Brett Paton said in a statement.DraftKings CEO Jason Robins previously told CNBC that while the deal wouldn't have been transformative for DraftKings, it would allow the company toIf the deal is formally approved by PointsBet shareholders and regulators, it will give Fanatics much needed U.S. real estate in the 15 U.S.
"Our U.S. 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," Paton said. Fanatics CEO Michael Rubin told CNBC after the DraftKings announcement that he was highly skeptical of their proposed offer, which he viewed as DraftKings attempting to slow Fanatics down.
"It's a move to delay our ability to enter the market," Rubin said. "I guess they are more concerned about us than I would have thought."
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