Fanatics Could Kick Off Major Sports Betting Push in January

A major new player on the sports betting scene is expected to make its debut next month.

Fanatics is aiming to launch its BetFanatics app next month in Maryland.

• Fanatics already has connections to millions of consumers through its retail platform and collectibles company.
• Last month, it struck a deal to become the sports betting operator of the Washington Commanders, who play in Maryland. 
• Fanatics also has market access in Ohio, which will allow legal sports betting starting Jan. 1.

CEO Michael Rubin said in October that the sportsbook will be live in 15-20 states by the start of the next NFL season.

Fanatics raised $700 million this month, bringing its valuation to $31 billion. The cash is earmarked for mergers and acquisitions, which could be used to accelerate its growth in the sports betting market. 

The company has designs on being the top sports betting company in the U.S. within a decade.

Finance

| by Owen Poindexter

Fanatics Valuation Jumps To $31B After $700M Raise

Fanatics will look to acquire more companies after raising around $700 million.

December 6, 2022

Maryland Takes Off

Maryland is off to a flying start after launching legal sports betting on Nov. 21. 

The state saw mobile bets totaling $186 million in its first nine days, with $63.8 million coming from sportsbook promotional offers.

Maryland sportsbooks may offer unlimited promotions in their first year of operations — but must limit them to 20% of their taxable win thereafter.