Since late last year, Fanatics has been on a collision course, seeking to become one of the top sports betting operators in the US market. In October 2022, the CEO of the firm, Michael Rubin, confirmed the company’s intention to enter the sports betting fray in January 2023. He also stated that there was a desire to be operational in more than fifteen states by the start of the 2023 football season in September.
On the 12th of January, Fanatics landed a license in Massachusetts, which sits nicely alongside licensure already secured in Ohio and Maryland. While these licenses are yet to go live, they’re something of a firm delivery on Ruben’s promises, as they will go live this month. Following a defeat in New York, where a license application was rejected, Fanatics has come back strong and is already in talks to pick up more licenses in the Midwest and the East Coast.
It’s A Bold Goal
Rubin has spoken very outwardly about the progress and development of the Fanatics brand in recent weeks. In an interview in 2022, he explained how he was ‘very bullish’ about Fanatics’ prospects, predicting that the firm could be worth up to $8 billion within the next decade. There are high expectations that Fanatics will start to rival the top US sports betting operators in the coming months.
Although, he was quick to point out that ‘things don’t happen overnight’, and stated that, with a long-term approach to operations, Fanatics will rival the ‘big dogs’ after a five-year period. This would put Fanatics up there with the likes of BetMGM, DraftKings, and FanDuel.
Fanatics has been a key figure in the sports industry for many years, using its platform to ‘transform brands’, providing merchandising, collectables, iGaming opportunities, and interactive experiences. It’s a direct partner of almost every major league, team, and sporting body in the United States, putting it in a perfect position to soak up as many betting licenses as possible. There’s very little doubt that Fanatics will achieve its goal, and it has already proven to be a huge backer of the growth of betting in the United States.
Toward the end of 2022, Fanatics stepped up and became a huge financial backer of the Prop 27 campaign to legalise online sports betting in California. While the proposition failed, it’s indicative of Fanatics’ staunch support for the development of the US-based betting markets.
As 2023 rolls on, Fanatics is poised to enter fresh markets with each passing month – watch this space.