The PointsBet brand for online sports betting in Pennsylvania will be switching over to Fanatics Sportsbook, but the exact timeline for it remains unclear.
The Pennsylvania Gaming Control Board voted without discussion Wednesday to approve the ownership change in which FBG Enterprises OPCO LLC (Fanatics) is acquiring PointsBet Pennsylvania LLC.
Fanatics is also acquiring the Australian-based gaming firm’s other U.S. interests through a $225 million purchase approved by PointsBet’s shareholders on June 30.
Last week, the new Fanatics Sportsbook completed a period of online beta testing and announced full launch in four states in which it already has market access — Ohio, Maryland, Massachusetts, and Tennessee. PointsBet operates in 12 additional states, and the acquisition will quickly enable Fanatics to launch in large states such as Pennsylvania, New York, New Jersey, and Illinois once it completes necessary regulatory hurdles.
Launch timing uncertain
A Fanatics spokesman said he could not comment Wednesday on specific plans for when its site will be operating in Pennsylvania.
A gaming board spokesman said that in order to proceed in Pennsylvania, Fanatics will still need to obtain interim authorization from the board’s executive director and then sign a Statement of Conditions and Indemnification agreement.
At some point, likely before or during the busy football betting season, the sports merchandiser’s new sportsbook will be replacing PointsBet in the state. It could result in a boost in betting considering that Fanatics is a much better-known entity among the public.
In July, a low period on the sports betting calendar, PointsBet ranked ninth in handle among 13 mobile sportsbooks in the state by taking $4.6 million in bets. It reported $307,380 in gross revenue and $136,886 in adjusted, taxable revenue after deductions for promotional credits.
In the recently completed 2022-23 fiscal year, PointsBet had total Pennsylvania handle of $129.8 million, with gross revenue of $9.5 million and $2.9 million in adjusted revenue.
