Premium Only Content

Sports Betting Giants DraftKings and Fanatics Held Merger Talks Before PointsBet Bids
Sports Betting Giants DraftKings and Fanatics Held Merger Talks Before PointsBet Bids Pleas Subscribe For Daily Sports Betting News
Bet at MGM - IF YOUR BET LOSES, YOU’LL GET UP TO $1,000 BACK IN BONUS BETS - https://bit.ly/BetMGM1
Want To Place a Bet .. Download the Best Online Sportsbook! (IOS) http://bit.ly/453YUZG
Grab Barstool Sports Apparel @ The Official Barstool Store: https://bit.ly/barstool23
Bet On All The Big Games @ Xbet: https://bit.ly/xbetnow
First Deposit Bonus Up To $500 + $10 Casino Chip
Please Subscribe!
A major legal sports betting operator reportedly explored a merger with a rival, but the two entities are now competing for a promising acquisition. DraftKings held negotiations in 2021 with Fanatics regarding a 50-50 merger that would have valued each company at roughly $24 billion, according to the New York Post. News of the now-dissolved merger comes after Fanatics agreed to purchase PointsBet’s U.S. business for $150 million last month.
DraftKings responded to Fanatics’ potential deal with a $195 million offer of its own to purchase the U.S. operations of PointsBet . The dueling bids add fuel to an already...
A major legal sports betting operator reportedly explored a merger with a rival, but the two entities are now competing for a promising acquisition. DraftKings held negotiations in 2021 with Fanatics regarding a 50-50 merger that would have valued each company at roughly $24 billion, according to the New York Post. News of the now-dissolved merger comes after Fanatics agreed to purchase PointsBet’s U.S. business for $150 million last month.
DraftKings responded to Fanatics’ potential deal with a $195 million offer of its own to purchase the U.S. operations of PointsBet . The dueling bids add fuel to an already contentious relationship between the two owners of online betting sites and retail sportsbooks. DraftKings’ PointsBet bid is “centered around the significant synergies and financial rationale, along with the interesting product and technology capabilities we would acquire through the proposed transaction,” a spokesman told the New York Post. “To suggest that there is an ulterior motive that is personal and not business related is irresponsible and not grounded in reality.”
Despite being in deep talks regarding a merger, Fanatics — owned by billionaire Michael Rubin — backed out of the transaction toward the end of the negotiation process. Since then, DraftKings has seen its shares fall from a high of $73 per share in 2021 to $25 as of Monday.
As of June, DraftKings is valued at $11.62 billion from a previous high of $31.8 billion in 2020.
Under consideration
DraftKings’ more lucrative offer for PointsBet’s U.S. assets is being considered by the Australia-based company. Directors at PointsBet are actively considering DraftKings’ offer and expect to draft a formal proposal regarding a potential transaction. The group anticipates entering into talks with DraftKings and will ask shareholders to vote on the issue on June 30.
Boston-based DraftKings is the second-largest sportsbook in America in terms of market share, while PointsBet is ranked seventh. PointsBet has been awarded online licenses in 14 states including Colorado, Pennsylvania, and New York — the largest online betting market in the U.S.
PointsBet reported a betting handle of $2.2 billion in H1 2023, up from $1.6 billion in H1 2022.
Fanatics, which launched wagering operations in January 2023, failed to obtain an online sports betting license in New York after submitting a joint bid with Penn National Gaming and Kambi.
As of June, Fanatics is only live in four states: Maryland, Massachusetts, Ohio, and Tennessee. This article originally appeared on Covers.com, read the full article here
Source: https://www.covers.com/industry/draftkings-and-fanatics-held-merger-talks-before-pointsbet-bids-june-26-2023
-
2:04:47
Inverted World Live
8 hours agoDoomsday Clouds and Mega Tsunamis
94.1K8 -
2:29:52
Badlands Media
14 hours agoDevolution Power Hour Ep. 372: Trump’s “I Told You So” Arc and the Collapse They Can’t Hide
82.4K25 -
9:34:31
RalliedLIVE
13 hours ago $4.53 earned10 WINS WITH THE SHOTTY BOYS
89.1K2 -
8:14
MattMorseTV
13 hours ago $4.77 earnedBrazil just FOUND OUT.
34.8K36 -
5:48:05
SpartakusLIVE
9 hours agoWZ Solos || GCX St. Jude Charity Marathon @ 8PM EST
35K -
4:27:47
elwolfpr
8 hours agoThe Reaper Returns: I’m Back, Baby!
27K1 -
3:02:07
TinyPandaface
6 hours agoYour FACE is a Gaming Channel! | BIRTH - Part 1
23.6K1 -
1:49:18
FreshandFit
9 hours agoLauren Southern Accuses Tate Of Abuse!
64.9K72 -
3:40:06
Toolman Tim
5 hours agoDOOM: Dark Ages - First Runthrough | Gaming Thinktank
25.4K4 -
2:52:05
TimcastIRL
8 hours agoBREAKING: Trump DOJ FIRES Epstein Prosecutor, James Comey's Daughter Amid Controversy | Timcast IRL
249K124