Fanatics is acquiring the US assets of sportsbook operator PointsBet for around $150m in cash. It marks the first significant foray into the betting space for the sports merchandising company which has been considering numerous betting acquisition targets over the last year.

The joint statement issued on Sunday outlined how both parties are confident that the deal will close. They plan to provide further details over the next few weeks. The expectation is that Australia-based PointsBet will hold a shareholder vote on the acquisition towards the end of June.

Fanatics will have market access in at least 15 states

The Fanatics Betting and Gaming app is in beta testing in Ohio and Tennessee. As a result of the acquisition, Fanatics will have market access in at least 15 states. PointsBet already has online sportsbooks up and running in 14 states.

Due to significant loss forecasts, PointsBet would have had to raise further capital to continue its US operations if it did not enter an agreement with Fanatics. NBCUniversal has a 4.9% equity stake in PointsBet from a 2022 agreement. The media conglomerate will lose its stake following the completion of the transaction.