Fanatics is taking a unique approach, as it looks to make a splash in the sports betting industry. It’s certainly a rare occasion to see the Washington Commanders support their NFC division rival as the New York Giants took on the Philadelphia Eagles over the weekend.
Despite not Being Popular yet, Fanatics Sportsbook Launched at the Right Time
The potential to win a wager can outweigh supporting a rival as fans bet throughout the whole game. One fan even took a wager at +370 odds for Byron Scott to be an anytime touchdown scorer, and it worked to perfection.
The Fanatics Sportsbook at FedEx Field is the first sportsbook in the U.S. to be located inside an NFL stadium. Despite NFL rules that prohibit betting on home games, the sportsbook offers a unique retail experience.in addition, fans can also purchase apparel because the company is renowned for its appeal side of business.
Maryland’s sports betting market continues to grow as the state recently introduced mobile sports betting, and it looks like the market is about to take off in 2023. The 5,000-square-foot facility could be a popular destination during away games because of the rules that are set in place.
Before the Super Bowl, there are still a few games to play. The company has a vision as an innovative bookmaker in a competitive industry. The brand is also looking to expand into other states across the industry, as market access will take the company to new heights.
Fanatics is Looking to Expand its Reach
Gaining access to the Old Line State was a huge success at the start of 2023, but the company’s plans won’t stop there. The platform received an approved license in Massachusetts. CEO Michael Rubin stated that he is on a mission to take the industry by storm with the goal of gaining entry in up to 20 states by the end of the year.
With the hiring of Matt King, raising $1.5 billion in March 2022, and trademarking BetFanatics, Rubin’s aspirations are slowly being realized. Multiple media reports indicate that the company raised another $700 million in 2022.
Fanatics will not try for New York as it failed in the initial stage, but Rubin said it was a positive outcome because the tax rate at 51 percent, which has led to many losses across the board. Although the mobile sportsbooks failed in California via Prop 27, this will give Fanatics enough time to enter other states; thus building a reputation.
It appears that the online bookmakers will face off against the gaming tribe coalition in the next election cycle. By then, Fanatics needs to gain entry to at least ten states, and conduct business to have a shot in the Golden State.
Where Could Fanatics Go Next?
Currently, it’s all speculation as the brand needs to continue building partnerships and make a name for itself. Markets like Tennessee and Wyoming only offer mobile sports betting, since the state has no commercial casinos. Last year, Illinois reopened its application process for $20 million for mobile licenses.
States like New Jersey and Colorado have a low barrier to entry, and the tax rate is nowhere near New York’s level. Louisiana, Kansas (on the rise), Indiana, Virginia, Iowa, and others have been making headlines as these jurisdictions broke new records in the last quarter of 2022.
Ohio and Arizona could be looking for a new contender because Fubo shut down its sports betting interactive unit in 2022. Other smaller markets could be in the mix as the sportsbook continues to make waves in the industry.
