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.
Fanatics
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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.

FedEx-Field

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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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