The past month has been a rollercoaster of bidding wars between Fanatics Betting and Gaming and DraftKings. Fanatics first expressed interest in purchasing the US assets of PointsBet in May, reaching an agreement in principle to buy the online gambling company’s business. However, as the deal awaited shareholder approval and regulatory requirements, DraftKings submitted a bid of $195 million, hoping to sway PointsBet’s shareholders.
However, in another interesting turn of events, Fanatics re-expressed its commitments to the deal by improving its bid by 50%. Fanatics will now pay $225 million to purchase PointsBet, while shareholders vote on the 30th of June.