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Fanatics has recently reached an agreement to purchase the U.S. operations of PointsBet for a sum of $150 million over the weekend.
The deal was announced by the two companies on Sunday night.
The approval of PointsBet shareholders and regulatory authorities is required for the transaction. The proposed transaction will be voted upon by shareholders in late June.
Fanatics now has access to the states where PointsBet operates, including Michigan, which is among the four states where PointsBet runs an online sportsbook and online casino, as part of the agreement.
When will Fanatics go live in Michigan?
By the commencement of the 2025-24 NFL season, Fanatics anticipates its presence in most of the states where PointsBet operates, as per the CNBC report.
At present, Fanatics holds access to Maryland, Massachusetts, Ohio, and Tennessee, but it has not launched its operations in any of these states in the United States. However, upon acquiring PointsBet, Fanatics will gain entry into over twelve additional states, allowing them to expand their brand presence.
In a joint statement, Fanatics and PointsBet expressed their excitement about the agreement for Fanatics Betting and Gaming to purchase PointsBet’s U.S. business. Although there are still several steps to be taken before the acquisition is finalized, both parties are confident in the outcome. Fanatics Betting and Gaming and PointsBet will share more information about the proposed deal and provide timely updates in the upcoming weeks.
Fanatics will need to obtain gaming licenses for its online sportsbook and online casino in Michigan before it can commence operations in the state. Meanwhile, since PointsBet is already a regulated operator in Michigan, it can continue its operations until Fanatics is prepared to launch and obtains the necessary regulations.
The Lac Vieux Desert Band of Lake Superior Chippewa Indians owns Northern Waters Casino Resort in Watersmeet, with PointsBet serving as the online operator for the establishment.
As of now, Northern Waters has not responded to attempts made to obtain a comment regarding the Fanatics purchase.
The private valuation of Fanatics stands at $31 billion, while the company anticipates generating a revenue of $8 billion in 2025.
In addition to venturing into the iGaming sector, Fanatics possesses commerce assets and operates a business centered around sports trading cards and memorabilia. In 2022, Fanatics successfully acquired Topps for a substantial sum of $500 million.
PointsBet Michigan steady in sports betting, last with online casino
While PointsBet has maintained a consistent performance in Michigan’s online sportsbook market, the same cannot be said for its online casino performance.
As of March 2025, PointsBet Michigan has accumulated a total online sports betting handle of $313.7 million, accounting for approximately 3.1% of the state’s sports betting market share. This positions them as the sixth largest operator among the fifteen operators in Michigan.
PointsBet ranks last among Michigan’s 15 online casino operators, generating only $20.2 million in revenue, which comprises a mere 0.6% of the state’s market share. In total, Michigan has accumulated approximately $3.2 billion in online casino revenue.
Over its lifetime, PointsBet has generated more online sportsbook revenue ($26.8 million) than online casino revenue, making it the sole Michigan online operation with this achievement.
The company, headquartered in Australia, has projected a financial loss ranging from $77 million to $82 million for the latter half of 2025. Challenging market conditions have been attributed as the reason for this forecast.
“The Board of PointsBet, after conducting a thorough evaluation of various strategic alternatives in light of the company’s substantial presence in the US market, has concluded that the proposal put forth by Fanatics Betting and Gaming offers the highest value for our shareholders,” stated Brett Paton, Chairman of PointsBet, in a press release.
Fanatics, Pointsbet not first operator switch in Michigan
In the past year, we have witnessed a previous transition in Michigan’s online gambling landscape before the arrival of Fanatics to take charge of Pointsbet operations.
In early September, TwinSpires made the announcement that it would be discontinuing its online sportsbook and casino operations, marking the end of their activities last summer.
TwinSpires, in contrast to PointsBet, decided to shut down its operations instead of selling them to another company. As a result, the Hannahville Indian Community, the operators of Island Resort & Casino, had no choice but to put their offerings back on the market.
Sports Illustrated formed an agreement, leading to the launch of its online sportsbook on Aug. 29. Subsequently, SI initiated the process of obtaining an online casino license in Michigan and commenced its operations in February this year.
SI Casino has already achieved promising early results, surpassing online casino giants PointsBet and FireKeepers in revenue generation. Despite a multi-month transition, it managed to generate an impressive $2.1 million in revenue during its first full month of operation in March.
Pointsbet crypto scam hits Michigan customers last week
PointsBet has been experiencing a challenging period recently.
The recent surge in television advertising in Michigan has not helped the struggles of its online casinos to rise from the basement floor.
On the previous Thursday, customers of PointsBet received an email promoting a fraudulent cryptocurrency scheme. The email was sent by an unauthorized third-party provider, but it cleverly resembled an official promotion from PointsBet.
Following the incident, PointsBet sent an email to customers to reassure them that there had been no compromise of account management or internal systems.
