DraftKings Offers $195M For PointsBet U.S. Assests

Closing Bell

Also a bidding war in the sports gambling world. This is an interesting one, especially as one of these companies looks to IPO. Sports gambling Company Draftkings which is already public has made a 195 million all cash offer for the US assets of points. Bet topping an earlier offer from Fanatics Draftkings offer comes after fanatics in May offered $150 billion for the US assets of points. Bet points bet is the seventh biggest sports betting operator in the US, but it's been shedding cash expecting a loss of between 77 million, 82 million for the second half of the year. Draftkings told CNBC, the deal wouldn't materially impact its path to profitability rather it would help the company expand its market share fanatics for its part thinks that the bid from Draftkings is an effort to slow down its entry into new markets as Fanatics wants to gain ground before the NFL season and it targets an IPO that stopped down about 1%.