Business By The Books: Fanatics Sports Betting, Casino Live In WV

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Fanatics completed the conversion of the PointsBet brand into Fanatics Sportsbook in West Virginia, the first of seven states where the change needs to be made for sports betting and iGaming.

Former PointsBet customers in West Virginia can now download Fanatics Sportsbook and sign in with the same information used for their PointsBet account. Open bets and balances were automatically transferred as well.

West Virginia is also the first state to see the Fanatics online casino, which is accessible through the sportsbook.

Six more states to switch

There are still six states that need to be switched to the Fanatics brand before the $225 million acquisition of PointsBet closes in the first quarter of 2024.

Until regulators approve a change, these states will operate under the “PointsBet, a Fanatics experience” brand:

Ström appointed as Kambi chair

Anders Ström will replace Lars Stugemo as the chairman of Kambi after Stugemo announced he would not seek reelection.

His appointment is pending approval at the 2024 annual general meeting.

Ström founded Kindred in 1997 before co-founding Kambi with CEO Kristian Nylén in 2010.

bet365 secures NC sports betting partner

Bet365 is now the official mobile sports betting partner of the NBA‘s Charlotte Hornets.

It is bet365’s fifth professional sports partnership. This sponsorship is more than just in-arena branding and media exposure, though, since partnering with a pro sports team is essential for getting a North Carolina sports betting license.

That unexpected change in September means launch is no longer expected by Jan. 8.

Toronto-listed sports betting brand raises C$14 million

Rivalry closed a private placement of convertible debentures for C$14 million, the TSX Venture Exchange-listed sportsbook announced Wednesday.

Additional tranches could close for gross proceeds up to C$27.5 million.

Each has $1,000 of principal amount of 10% senior secured convertible debentures. They will be convertible through mid-November 2027 at the conversion price of C$1.40 per share.

The capital will be used to “accelerate the development and release of new products, expand marketing efforts, and extend into new geographies and verticals, CEO Steven Salz said.

Open-market buys

Three directors from companies that offer sports betting bought stock in their companies last week: