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 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.”