Fanatics Inches Closer to Acquiring BetParx Sportsbook

Fanatics Inches Closer to Acquiring BetParx Sportsbook

Fanatics

Fanatics’ favorite way to get into the mobile sports betting market has been to buy an existing sportsbook for a long time now.

Fanatics, a US company that sells sports gear and does business related to sports, is reportedly in talks to buy BetParx as a way to get into the sports betting business.

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The Discussion Is Still Going On

According to the information that was provided by unnamed sources, Fanatics signed a letter of intent to buy the BetParx sportsbook. However, a price has not yet been determined, and there is a possibility that discussions will not result in an agreement. CNBC reported this information. According to the reporting media, the individuals who provided the information intended to maintain their anonymity because they did not have permission to talk publicly on the subject matter.

Establishing its Sports Presence in the Market

BetParx is currently operating in the states of Maryland, Michigan, New Jersey, Ohio, and Pennsylvania. It is a wholly owned subsidiary of Greenwood Gaming & Entertainment. It is not quite apparent whether or not the BetParx online casino is included in the discussions over the acquisition. Fanatics had a number of primary objectives, one of which was to establish a presence in the sports vertical. For the past twelve months, the e-commerce giant has been looking to acquire a sportsbook brand and has been in talks with a number of US-based and international companies, including Tipico, about possible acquisitions.

Sports betting will be available in 15 states

During the CAA World Congress of Sports in October of the previous year, the chief executive officer of Fanatics, Michael Rubin, made a bold statement. He stated that by the time the next NFL season rolls around, he hopes to see the company live with sports wagering in at least 15 states.

Fanatics Holdings, the parent company of Fanatics Betting and Gaming (FBG), reaffirmed plans for its betting business to become operational in multiple states in the first business quarter of this year during a meeting of the Massachusetts Gaming Commission (MGC) earlier this month. The company outlined Ohio and Maryland as the other states to launch first, in addition to Massachusetts.

The first retail betting outlet inside NFL Stadium

Fanatics opened its first retail sportsbook inside the stadium of the Washington Commanders, making it the first sportsbook ever to be located inside an NFL stadium. However, plans for the company’s mobile sportsbook are still unclear.

The Massachusetts Gaming Commission (MGC) held a vote last week to grant preliminary suitability for a Category 3 license to Fanatics in a state where Fanatics already has market access thanks to Penn National’s Plainridge Park Casino. The vote was unanimous. As part of its preparations to enter the sports betting space, Fanatics has also made some additions to its betting division, which is led by former FanDuel CEO Matt King.

These additions include the appointment of Andrea Ellis as its chief financial officer to bring on board her expertise in technology, products, and operations, as well as the appointment of former FanDuel senior director Andrew Kleiman as vice president of Retail Operations. Both of these appointments were made as part of Fanatics’ preparations to enter the sports betting space The expansion of Fanatics’ business through acquisitions has been the company’s defining strategy for growth; for example, in the year 2021 alone, the company purchased Topps to broaden its presence in the collectibles market and the clothing brand Mitchell & Ness.

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About Lou De Aguila

Lou Aguila is a news and feature writer for Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.