PointsBet completes $343m sale of US business to Fanatics

The news: Wagering operator PointsBet has completed the sale of its US business to sports merchandiser Fanatics for a total of USD225 million ($343 million).

The numbers: PointsBet said it has received USD50 million, the final instalment of the headline purchase price. The Melbourne-based group also confirmed it has transferred its remaining US operations and technology to Florida-based Fanatics.

The context: The deal, which was agreed last year, will see PointsBet retain its Australian and Canadian businesses. The company said that following completion of the sale, it will release details of a shareholder return on 24 April.

What they said: PointsBet managing director and group CEO Sam Swanell said: "We entered the USA as a start-up in the second half of 2018 and established a presence that few would have thought possible. From New Jersey initially to ultimately fourteen states of the US, it has been an action packed and demanding journey[...]".