Tuesday December 5, 2023

Fanatics Reportedly in Talks to Buy Online Sportsbook

  • Fanatics reportedly signed a letter of intent to buy BetParx.
  • The online sportsbook is active in New Jersey, Michigan, Pennsylvania, Ohio, and Maryland.
Fanatics is buying auction marketplace PWCC.
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Fanatics is reportedly exploring an acquisition to accelerate a move into sports betting.

The major sports merchandise and collectibles retailer is in talks to buy BetParx, a sportsbook launched last year, according to CNBC.

  • Fanatics opened its first sportsbook on Friday, located inside the Washington Commanders’ FedEx Field.
  • The company has said it aims to be in every state where sports betting is legal by September.
  • BetParx, which offers online sports betting and iGaming, is active in New Jersey, Michigan, Pennsylvania, Maryland, and Ohio.

While the report notes that a letter of intent has been signed, there is no guarantee that a deal will come to pass. Fanatics has reportedly looked into buying Tipico and PointsBet, among others, before ultimately passing on those acquisitions. 

Fanatics did not immediately return a request for comment.


Fanatics Makes First Move into Sports Betting at FedEx Field

Fanatics will launch the first sportsbook inside an NFL stadium.
January 12, 2023

Public Play

Fanatics has been considering a public listing for a long time and it may opt to first secure a sportsbook acquisition, according to reports. 

Fanatics was last valued at $31 billion after raising $700 million in December with an eye toward mergers and acquisitions. The company said at the time it projects $8 billion in 2023 revenue across its commerce, collectibles, and betting and gaming divisions.

Fanatics said earlier this month that it was divesting from its 60% in NFT business Candy Digital, with CEO Michael Rubin saying “NFTs are unlikely to be sustainable or profitable as a standalone business.”

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