Fanatics the winner in PointsBet auction to sell US wagering business

Zoe SamiosBusiness reporter

Updated Jun 28, 2023 – 1.10pm, first published at 10.02am

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PointsBet will recommend shareholders agree to sell the ASX-listed wagering group’s business in the United States to Fanatics after the Florida-headquartered company increased its offer by $US75 million ($111 million).

That took the bid from Fanatics, which is backed by Jay-Z, the NFL and Softbank, to $US225 million, a 50 per cent increase on its previous proposal. The increased offer came after PointsBet said it had received a non-binding rival proposal from Nasdaq-listed wagering company, DraftKings.

Zoe Samios covers wagering and the business of sport from the AFR's Sydney newsroom. She was previously the media and telecommunications reporter for The Sydney Morning Herald and The Age, and covered media at The Australian.