NEW YORK POST: Fanatics Agrees to $225 Million Deal to Purchase PointsBet US Betting Business

PointsBet has finally come to an agreement to sell its US betting business, the company announced on Tuesday.

After a lengthy negotiation, Fanatics won the sports betting bidding war for the company, valued at $225 million.

The sale comes after Fanatics initially reached an agreement with PointsBet at around $150 million on May 16, just to be outbid at the 11th hour by DraftKings a month later.

DraftKings had agreed to pay $195 million for the sportsbook on that date, but the actual cost is much higher when adding in the massive price of PointsBet’s four-year $250 million advertising deal with NBC.

The total cost of PointsBet will end up just $25 million south of The Post’s projected price point of $500 million expected for PointsBet in April, three weeks before Fanatics’ initial agreement…