Nearly two weeks have passed since Fanatics announced its intent to acquire PointsBet’s U.S. assets, a move that could enable the nascent sportsbook to gain access to some of the nation’s top markets.
On May 14, Fanatics Betting and Gaming entered into a binding agreement to acquire PointsBet’s U.S. assets for $150 million, making the announcement on the fifth anniversary of the U.S. Supreme Court’s PASPA decision. If completed, the acquisition will give Fanatics market access in 14 additional states, most notably New York. Earlier this week, gaming regulators in the Empire State provided more detail on the process needed for the sportsbook to gain entry into the state.
Under the process, no license transfer between PointsBet and Fanatics will be required, New York State Gaming Commission (NYSGC) Executive Director Rob Williams said at Monday’s meeting. Rather, the transaction itself requires staff review, according to Williams. The staff will begin the process with a background investigation of Fanatics and its related entities, he added.
The commission’s staff has already been working with Fanatics to provide licensing documentation, Williams explained. The staff has also disseminated opening requirements prior to license consideration, according to the regulator. The process will likely include a thorough review of Fanatics’ technology platform that will be used to facilitate mobile sports wagering.