Fanatics Plots on Sports Betting Market

    • Former FanDuel CEO Matt King was reportedly hired on at Fanatics this week.
    • King announced his resignation from the betting platform in early May.

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It looks like Fanatics is getting into the gambling and gaming business.

The company reportedly hired former FanDuel CEO Matt King and is preparing to make a move into the sports betting space.

King announced his resignation from FanDuel in May after four years with the platform.

Fanatics is the world’s largest licensed sports merchandise company. It has a $12.8 billion valuation after a recent $320 million raise and only continues to grow.

  • In February, Fanatics China — expected to be worth more than $1 billion — was launched with Hillhouse Capital.
  • Sports-themed merchandise retailer WinCraft and collegiate headwear brand Top of the World were both acquired by Fanatics in the latter months of 2020.

Fanatics expects sales to hit $3 billion this year.

Thanks to its merchandise empire, Fanatics has data on over 80 million sports fans. That should come in handy as it makes its play in the $203 billion sports betting industry.