Fanatics Makes Its Move in New York

Nearly two weeks have passed since Fanatics announced its intent to acquire PointsBet’s U.S. assets, which could enable the nascent sportsbook to access some of the nation’s top markets.

On May 14, Fanatics Betting and Gaming entered into a binding agreement to acquire PointsBet‘s U.S. assets for $150 million, announcing on the fifth anniversary of the U.S. Supreme Court’s PASPA decision. The acquisition will give Fanatics market access in 14 additional states, most notably New York. Last week, gaming regulators in the Empire State provided more detail on the process needed for the sportsbook to gain entry into the state.

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Under the process, no license transfer between PointsBet and Fanatics will be required, New York State Gaming Commission (NYSGC) Executive Director Rob Williams said at Monday’s meeting. Rather, the transaction itself requires staff review, according to Williams. He added that the staff would begin the process with a background investigation of Fanatics and its related entities.

Williams explained that the commission’s staff has already been working with Fanatics to provide licensing documentation. According to the regulator, the staff has also disseminated opening requirements prior to license consideration. The process will likely include a thorough review of Fanatics’ technology platform that will be used to facilitate mobile sports wagering.

A tax rate of 51% on mobile wagering gross gaming revenue has deterred many operators from marketing heavily in New York. The rate is tied with New Hampshire‘s for the highest in the nation.

Two years ago, Fanatics was one of several companies that narrowly missed out on a bid for a coveted mobile sports wagering license. While the NYSGC selected nine mobile sports betting operators, it did not recommend the Jay-Z-backed bid from Fanatics for licensure.

Nevertheless, the public gained access to some of Fanatics’ data, as the NYSGC released the applications of every bidder (with confidential information redacted). Fanatics noted that its vast database contained approximately 81.7 million sports fans at the time. The company disclosed recently that the figure has since increased to about 95 million. The industry will closely watch fanatics’ ability to turn e-commerce and NFT customers into sports bettors in the coming months.

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