Bettors staked more than $2.4 billion, while a lower sportsbook hold cut operator revenue and sharpened debate over prediction markets.
Michael Rubin said heavier marketing is intended to narrow the sportsbook gap with DraftKings and FanDuel as prediction markets reshape competition.
Shareholders in the Australia-based company will receive up to $296.9 million across two payments, the first of which is scheduled for mid-September.
A former Disney executive said the company made a smart move by partnering with Penn, especially if it’s planning a spinoff of ESPN.
PointsBet still wants its shareholders to accept Fanatics’ $150 million offer, but they are also considering DraftKings’ $195 million bid, which was made Friday.
Now comes the hard part for Fanatics: Leveraging its sports apparel and collectibles business to get US sports bettors’ wagers.
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