New York regulator approves Fanatics as the successor of PointsBet's license

As PointsBet announced its exit from America earlier this year, Fanatics Betting and Gaming bought its US assets. The latter company made a $225 million profit on the sale of its US-focused operations, which it intends to bolster its cash reserves and distribute millions in capital returns to shareholders.

The lucrative betting market in New York was secured for Fanatics in the interim. The former business hoped the license would be transferred to Fanatics after the acquisition because PointsBet's US operation had a permit to operate in the state.

Fortunately for Fanatics, the regulator just approved the move, so this is exactly what took place.

 

[Ejyndayo53]

PointsBet exit from American market pave way for Fanatics Betting and Gaming to buy the US assets of PointsBet. Fanatics knew the lucrativeness of the asset before it shown interest in buying the asset. What I don't understand is why PointsBet decided to leave the American market. Maybe it is attempted to explore other market.