After a two-month beta-testing period, Fanatics Sportsbook will slowly expand its customer bases in Ohio and Tennessee starting Monday, a spokesperson confirmed to LSR.
While fans in Ohio and Tennessee can download the app, Monday’s expanded launch will only be open to existing Fanatics’ customers in those states.
The spokesperson said Fanatics plans to feature online sports betting in four markets by mid-June:
- Ohio
- Tennessee
- Massachusetts
- Maryland
Fanatics sports betting goals
According to the Wall Street Journal, Fanatics plans to invest $1 billion in its sports betting division.
CEO Michael Rubin told the newspaper that he expects the sports betting division to be profitable by 2025 or 2026.
Rubin also said recently Fanatics plans to be live in 12-15 states by the 2023 NFL betting season.
Status of operator elsewhere
Fanatics in February opened an in-person sportsbook at FedEx Field in Maryland.
On May 4, the Massachusetts Gaming Commission can approve Fanatics’ certificate of operations, the final hurdle necessary before launch in that jurisdiction.
The entity also has a license pending in Pennsylvania.
Where operator believes it has edge
Fanatics Sportsbook believes it can differentiate itself from other operators with a personalized betting page, and the accumulation of FanCash rewards credits, which can be used to buy retail merchandise.
As part of its strategy this summer, Fanatics plans to do its marketing and advertising largely via email communication, attempting to take advantage of cross-sell and its existing customer data base of 95 million people.
By comparison, FanDuel and DraftKings also arrived on the scene with massive databases from DFS but then spent massively to add to them. The Fanatics Sportsbook advertising strategy remains to be seen.
How Monday’s launch will work
On Monday, existing Fanatics customers in Ohio and Tennessee will be invited to access its sportsbook app.
Granted, it will be available for anyone in those states to download via IOS and Android. Still, customers will need a special code to access the sportsbook, which will be sent via email.
What is FanCash?
Here’s how the FanCash site credits will work: for every bet a customer places, they will get back 1%, 3% or 5% of their stake back in FanCash:
- 1% per single bet
- 3% per parlay
- 5% per same-game parlay
So, for example, a $100 same-game parlay bet would return $5 in FanCash. That FanCash can be turned into bonus bets, discounts, merchandise and collectibles.
Fanatics plans to expand the program to also give fans experiences, such as attending a Super Bowl party.
Fanatics Sportsbook personalization
Similar to Spotify, Fanatics also wants to create a machined-learned, personalized page for bettors that develops over time, depending on their wagering patterns.
For example, someone that lives in Ohio might like betting on the New York Knicks, and would get that type of content on their page, as opposed to the in-state franchises. This way, bettors also will not have to scroll to find markets on their favorite teams or sports.
