Fanatics Continues to Make Progress

The first full football season for Fanatics Betting and Gaming as an online sportsbook is about to begin, but the business still has some regulatory obstacles to overcome before entering several significant gaming states. Fanatics just missed out on a coveted mobile sports betting license in one prestigious jurisdiction, New York, two years ago. On Thursday, the fledgling sportsbook got one step closer to launching in the Empire State. Through its proposed acquisition of PointsBet’s U.S. assets, Fanatics intends to enter many more states where sports betting is already legal.

One of the most talked-about issues at the New York State Gaming Commission meeting on Thursday was the licensing process. Even if a corporate acquisition does not necessitate the transfer of licenses, NYSGC Chairman Brian O’Dwyer stressed the need for closer examination of a new license holder during the meeting. O’Dwyer stated that the NYSGC will thoroughly examine Fanatics to see if the operator satisfies the necessary qualifications to assume control of the license. At a commission meeting next month, the chairman anticipates that the NYSGC will make a final decision.

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Fanatics defeated DraftKings’ lawsuit in late June after the latter missed the deadline to present a legally binding proposal for PointsBet’s American division. Three days before PointsBet shareholders overwhelmingly accepted the proposal at a meeting in Australia, Fanatics increased its bid by 50% to $225 million. The terms of the agreement enable Fanatics to acquire numerous PointsBet firms at the state level in stages. Fanatics will have the option to purchase the businesses that own and run PointsBet’s operations in at least three states by August 31.

Inking one of the largest M&A deals in the sports betting industry since Caesars Entertainment completed its acquisition of William Hill, Fanatics entered into a definitive agreement to acquire PointsBet’s U.S. business in mid-May. Rob Williams, the executive director of the NYSGC, said at the conference on Thursday that the agency had plenty of time to prepare for the transfer because New York regulators were informed of the anticipated merger between Fanatics and PointsBet in April.

Fanatics, a well-known global leader in e-commerce sports apparel, was valued at $31 billion in December. In terms of sports betting, the organization is in the process of combining various verticals under one roof. The 95 million clients in Fanatics’ database, according to CEO Michael Rubin, will provide the company a competitive edge when it comes to luring in new sports bettors. Fanatics has informed the NYSGC that it has removed all New York residents under the age of 21 from its database.

Since the beginning of the year, when Fanatics made its retail sports betting debut in Maryland, the company has expanded to Tennessee, Ohio, and Massachusetts. Regulators in those states did not supply the NYSGC with any “derogatory material” regarding the company’s sports betting operations, Williams wrote, despite Ohio’s regulator having expressed concerns about a Fanatics campaign in May.

Beyond New York, Williams stated that Fanatics Betting and Gaming has licensing applications pending in 12 other states. While Virginia and Kansas are anticipated to evaluate Fanatics’ license by the end of August, Colorado has informed the NYSGC that the state has held licensing consideration for the company’s sports betting operations.