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Technology Stocks : DraftKings, Inc. / Online Gambling
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DraftKings makes $195 million offer for PointsBet, outbidding Fanatics

PUBLISHED FRI, JUN 16 20237:33 AM EDT
Jessica Golden @JGOLDEN5
Contessa Brewer @CONTESSABREWER
CNBC.com

KEY POINTS

-- Sports gambling powerhouse DraftKings has made a $195 million, all-cash offer for PointsBet’s U.S. assets.

-- The offer comes a month after Fanatics agreed to buy the Australian company for $150 million in an effort to boost its presence in sports gambling.

-- Fanatics CEO Michael Rubin told CNBC after the announcement that he’s highly skeptical of the deal, which he views as DraftKings attempting to slow Fanatics down.

Sports gambling powerhouse DraftKings has made a $195 million, all-cash offer for PointsBet’s U.S. assets, it said on Friday, as it looks slow down the rise of Fanatics.

The offer comes a month after Fanatics agreed to buy the Australian company for $150 million in an effort to boost its presence in sports gambling.

“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. business,” said DraftKings CEO Jason Robins in a statement. “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.”

DraftKings, which is publicly traded, has a market cap of about $10 billion.

Fanatics CEO Michael Rubin told CNBC after the announcement that he’s highly skeptical of the deal, which he views as DraftKings attempting to slow Fanatics down.

“It’s a move to delay our ability to enter the market,” Rubin said. “I guess they are more concerned about us than I would have thought.”

This story is developing. Please check back for updates.

DraftKings offers to buy PointsBet for $195 million, outbidding Fanatics (cnbc.com)
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