NY sports betting regulators on Tuesday approved Fanatics Sportsbook’s acquisition of PointsBet’s license.
Fanatics is acquiring PointsBet’s US operations for $225 million.
There is no immediate timetable for Fanatics to launch its New York sports betting app.
Fanatics on New York sports betting
Fanatics issued a statement through its spokesperson after the approval:
“Today, the New York State Gaming Commission approved Fanatics Betting and Gaming’s acquisition of PointsBet New York LLC. We would like to thank the commissioners and staff of the New York State Gaming Commission for their time and effort in delivering us some great news today.
“We look forward to working with the staff of the New York State Gaming Commission to bring the Fanatics Sportsbook to the largest sports wagering state in the U.S.”
Fanatics finally secures NY license
New York regulators had promised “increased scrutiny” on their suitability review of Fanatics.
NYS Gaming Association chair Brian O’Dwyer had said at the time that he expected the review would be completed in September. It took until the first week of October.
Nevertheless, it will now enter a market that has largely been dominated by FanDuel Sportsbook and DraftKings Sportsbook.
New York sports betting concerns
New York regulators did express concerns over Fanatics cross-promoting between underage trading-card customers of its subsidiary, The Topps Company, Inc., and its sports betting product.
However, a representative from Fanatics said the operator would not stray across any prohibited lines.
Fanatics Betting & Gaming went live in 11 legal US states prior to the start of the NFL betting season on Sept. 7.
Fanatics had been denied in NY before
Fanatics CEO Michael Rubin previously said “you can’t make money” in NY sports betting due to its significant 51% online tax rate.
Before its transaction to acquire PointsBet, Fanatics previously was denied a license.
New York was also the lone state that did not allow Fanatics to operate as “PointsBet, a Fanatics experience” with the regulatory process ongoing.
