00:00 (upbeat music)
00:02 - All right, Fanatics is getting ready
00:05 to launch here in New York.
00:07 They've purchased PointsBets US business.
00:10 This is something we've reported for several months now.
00:14 What does that purchase look like?
00:16 How does the sale pay out?
00:18 What's the payout plan, et cetera?
00:21 - Yeah, so Fanatics is paying $225 million
00:25 for the US operations of PointsBet.
00:28 And in Australia this week,
00:30 the PointsBet shareholders approved the distribution
00:34 of those funds and how it will shake out.
00:37 Basically, they're gonna be paid up to $295 million
00:41 based on the money from the sale
00:43 and then the money that had to be on the books
00:46 to help run this business and keep it afloat.
00:49 Really what is so important about this is,
00:52 is that it was just another one of those checks in the box
00:56 that Fanatics has to get done and PointsBet has to get done.
00:59 We're looking at the first part
01:01 of this transaction closing in mid-September.
01:05 That's when we should really start to get more of an idea
01:09 about when Fanatics is gonna start branching out
01:11 into more markets.
01:13 (upbeat music)
01:16 [MUSIC]
