Tag Archives: fanatics betting

Fanatics Betting and Gaming Closes its Acquisition of the US Businesses of PointsBet

Today, Fanatics Betting and Gaming (FBG), a subsidiary of Fanatics Holdings Inc., closed on the final state, Illinois, in its previously announced acquisition of the U.S. businesses of PointsBet.  PointsBet Holdings Limited (ASX:PBH) confirmed receipt of the final installment of the headline purchase price of $225 million and has transferred the remaining entities to FBG, including all of the remaining entities that make up PointsBet’s United States sports wagering, advance-deposit wagering and iGaming operations, Banach Technology, a copy of the PointsBet platform and a license to use that proprietary technology platform. 

The acquisition accelerated the company’s growth plans, making the Fanatics Sportsbook available to 95% of the addressable online sports bettor market in the U.S.  By the end of the month, Fanatics Betting and Gaming will be operating online in Arizona, Colorado, Connecticut, Indiana, Illinois, Iowa, Kansas, Kentucky, Maryland, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Vermont, Virginia and West Virginia, pending regulatory approvals. Fanatics Casino is available online in Michigan, Pennsylvania and West Virginia with New Jersey to follow. Fanatics Betting and Gaming will also provide the betting operations to nineteen retail locations, including the only retail sportsbook inside an NFL stadium at Commanders Field in Maryland. 

“The acquisition of the US businesses of PointsBet has super charged our expansion plans,” said Matt King, CEO of Fanatics Betting and Gaming.  “In addition to our migration of PointsBet customers and technology to the Fanatics Sportsbook and Casino platform, we have also added an incredibly talented team of passionate leaders from the ranks of PointsBet USA that have already made an impact on our business.” 

Mark Hughes and Aonghus Mulvihill will join the executive leadership team at Fanatics Betting and Gaming from PointsBet USA.  In addition, more than 200 PointsBet employees are joining FBG in a variety of roles and the company has taken over the leases of the former PointsBet offices in Denver, CO and Dublin, Ireland.  

Over the last year, Fanatics Betting and Gaming has been seamlessly migrating PointsBet customers onto the Fanatics Sportsbook and Casino platform and incorporating PointsBet’s risk management platform and quantitative driven trading models from Banach Technology to enhance its market offerings. The Fanatics Sportsbook is the most rewarding online sportsbook giving customers up to 5% of their wager back in FanCash.  The Fanatics Sportsbook makes being a fan easy with fast signup, easy betting and transparent withdrawals.  The design, speed and quality of the navigation experience rival the sports betting apps in the market today that were not built specifically for iOS and Android.  The newly designed Fanatics Casino is embedded in the Fanatics Sportsbook app and features a range of classic and popular casino favorites like roulette, slots and blackjack.  Fanatics Betting and Gaming has also produced exclusive casino content including the popular Fanatics Blackjack game developed in partnership with Boom Entertainment. 

Fanatics Betting and Gaming Names Former DoorDash Executive Hank Couture as Chief Operating Officer

Today, Fanatics Betting and Gaming announced the appointment of Hank Couture to the new position of Chief Operating Officer (COO).

Reporting to Fanatics Betting & Gaming CEO Matt King, Couture will be a member of the FBG executive team and play an integral role in developing strategies across operations as the Fanatics Sportsbook is poised to launch nationwide in mid-2023.

“We are excited to add Hank to our leadership team as COO,” said Matt King, CEO of Fanatics Betting and Gaming. “Hank’s experience in building one of the largest marketplaces in the U.S. is exactly the type of person we are looking for at Fanatics Betting and Gaming, and as our new COO, his impressive track record of success will provide us with valuable insight as we build a sportsbook that is easy to use, trustworthy and more rewarding for sports fans.”

Couture’s time at DoorDash, a technology company that connects consumers with their favorite local businesses in 27 countries across the globe, will serve him well in accelerating the growth of Fanatics Betting and Gaming. At DoorDash, he oversaw the company’s U.S. Marketplace, including many critical building blocks to the company’s success including pricing, loyalty/subscription, promotions, merchandising and growth.

“This is an exciting opportunity to build something from the ground up,” said Hank Couture, COO of Fanatics Betting and Gaming. “I look forward to bringing my knowledge and experience in building DoorDash to the sports betting industry and help build something that exceeds expectations for our customers.”

At DoorDash, Couture most-recently served on the executive management team as a Vice President, overseeing the company’s U.S. Marketplace. Couture joined DoorDash in 2016 and helped grow the e-commerce marketplace into an industry leader. As an early employee, he oversaw DoorDash’s Chicago operations. He then led the company’s expansion across the Midwest that helped define the company’s suburban growth strategy. While leading the U.S. Marketplace, Couture oversaw the $50 billion marketplace and many critical business lines, such as DoorDash’s subscription program, DashPass, and the Caviar marketplace.

Prior to DoorDash, Couture honed his skills at Goldman Sachs where he worked on the equity trading floor in Derivatives Structuring.