Fanatics Rolls Out Sports Betting App in Four States

Posted on: August 16, 2023, 03:29h. 

Last updated on: August 17, 2023, 12:56h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.

Following a six-month beta test, the Fanatics sports wagering mobile application is now available to bettors in Maryland, Massachusetts, Ohio, and Tennessee. Fanatics Sportsbook can be downloaded to smartphones using the Android and iOS operating systems.

Fanatics
The Fanatics Sportsbook logo. The company launched its mobile betting app in four states on Wednesday. (Image: Fanatics)

The timing is crucial because the 2023 college football season commences in just 10 days, while the NFL campaign starts on September 7. Football is the most wagered-on sport in the U.S. Add to that, Maryland, Massachusetts, Ohio, and Tennessee are each home to NFL teams, and in the cases of Ohio and Tennessee, high-level, heavily supported college squads.

The Fanatics Sportsbook makes being a fan easy with fast signup, easy betting, transparent withdrawals, an industry-leading search functionality, and a curated Discover page with the sports and bets that matter most to a customer,” according to a statement issued by the Florida-based company. “Sports fans can find live scores, plus lines and odds for their favorite teams and athletes. Fanatics Sportsbook features everything from moneyline bets, to spread bets, over-unders, player props, live in-game betting markets, and the always popular Same Game Parlays (SGPs).”

SGPs have been leveraged by Fanatics rivals such as FanDuel and DraftKings to increase hold and bolster profitability. While they amount to lottery ticket wagers, these bets are popular with novice bettors hoping to turn small grubstakes into big paydays.

Some PointsBet Talk

Earlier this year, Fanatics Betting & Gaming made clear it hoped to be live with mobile sports wagering in at least a dozen, and in as many as 15 states, by the start of the 2023 NFL campaign.

Fanatics’ press release didn’t mention that goal. But it did provide an update on the $225 million acquisition of PointsBet US. That transaction, which could close this month, is integral to boosting Fanatics’ sports betting state-level footprint.

“With Fanatics Betting and Gaming’s recent acquisition of the U.S. businesses of PointsBet and its proprietary Banach Technology, the Fanatics Sportsbook will integrate the best parts of the PointsBet tech platform to supercharge its sports betting engine,” the statement said. “The Fanatics Sportsbook will also leverage PointsBet’s quantitative-driven trading models from Banach Technology in its new state-of-the-art risk and trading platform.”

Banach Technology is an Irish company specializing in tech useful in providing live betting and SGPs. PointsBet acquired it in 2021 for $43 million and, it’s viewed as a crown jewel for Fanatics.

Fanatics’ Rewards Program

Sportsbook firms with ties to land-based casino operators have leveraged related loyalty programs and served as platforms to drive increased visitation to those venues. Fanatics doesn’t run brick-and-mortar casinos. But its apparel business will be a centerpiece of the FanCash loyalty offering.

Bettors can earn 1% FanCash on straight bets, 3% on traditional parlays, and 5% on SGPs. FanCash “can be converted dollar-for-dollar into Bonus Bets and can also be used to purchase your favorite team merchandise at Fanatics.com,” noted the operator.

There was no mention of any ties between FanCash and Fanatics’ collectibles business, which includes the venerable Topps brand.