DraftKings outbids Fanatics with $195M proposal to acquire Pointsbets US business | Yogonet International
Summary
On Friday, sports betting giant DraftKings announced it has submitted a $195 million unsolicited bid for PointsBet’s U.S. business. Jason Robins, DraftKings’ Chief Executive Officer and Co-Founder, said: "While we continue to focus on operating more efficiently and driving substantial organic revenue growth in the United States, we will also look to prudently capitalize on compelling opportunities at attractive valuations, as is the case with PointsBet’s U.S. "We believe DraftKings is uniquely positioned to submit this superior proposal due to our scale and corresponding ability to generate meaningful synergies from the acquisition," he added. Additionally, Michigan and New Jersey are two of only four states that permit iGaming, such as blackjack, poker, baccarat, and craps, which have much higher profit margins than sports betting does. Research analysts across gaming expect Fanatics to compete with giants DraftKings and FanDuel once the company’s sportsbook launches this fall, ahead of the NFL season.