Jun 16, 2023
Market competition in the still-developing U.S. sports betting market has heightened dramatically as DraftKings has made a surprise bid for the American assets of PointsBet.
The Massachusetts-based DraftKings has submitted a $195 million, all-cash, and unsolicited bid for PointsBet’s U.S. operations, seeking to supplant the $150 million deal Fanatics made for that company a month ago.
DraftKings — looking to outflank the oncoming market threat from well-capitalized Fanatics — argues that not only is it offering to pay a 30% premium, but that its bid offers a shorter path for regulatory approvals, greater market synergies, and simpler deal terms.
Source: Front Office Sports