While Fanatics has been fairly quiet about its sports betting ambitions, the company is now staffing up in a big way.
Fanatics has more than 60 sports betting-related jobs posted on its website. The listings range from engineers to compliance to vice president of product design.
Fanatics is hiring positions to work on both US sports betting and online casino, according to the listings.
Gearing up for Fanatics launch
There has been little publicly said about Fanatics’ sports betting aspirations. Although the company does possess a database of 80 million or so sports fans, how those might translate to a betting product has yet to be seen.
Still, the company has secured the BetFanatics name and hired a strong Fanatics Betting and Gaming leadership trio:
- CEO Matt King, former FanDuel CEO
- Chief Commercial Officer Ari Borod, former COO of The Action Network and former VP of fantasy sports at FanDuel
- Chief Product Officer Scot McClintic, former SVP of iGaming product & strategy at Paysafe Group and former CPO and GM of Barstool Sportsbook & Casino
What a BetFanatics sports betting app will look like is unknown, but it did acquire platform source code from Amelco earlier this year. CNBC also reported Fanatics was in negotiations to buy Tipico this summer.
Big plans for Fanatics?
Fanatics has left plenty of crumbs toward where it wants to be, including as part of the bidding process for New York online sports betting.
It is also one of the main contributors to the ballot proposal for California online sports betting, which includes a 10-market footprint for access. That suggests it has pathways to multiple additional markets.
The bullishness around the largest states suggests the apparel giant wants to play at the top right away. The company is also likely eyeing Texas sports betting as a major market to be on the ground floor.
Smaller states more immediate
Fanatics is lining up a retail launch in Maryland sports betting. The Maryland Lottery and Gaming Control Commission approved it for a retail sports betting license.
That license is likely in partnership with the Washington Commanders and a sportsbook at FedEx Field.
Fanatics also has plans for a retail sportsbook with the Columbus Blue Jackets at Nationwide Arena for Ohio sports betting.
Fanatics executive expectations
In limited interviews touching on sports betting, like with Sports Business Journal, Fanatics CEO Michael Rubin said the company can be “the No. 1 player in the world” in sports betting.
Fanatics finished a $1.5 billion raise in March, which is meant to help fund new business. That brought the company’s valuation up to $27 billion, according to the Wall Street Journal.
Rubin sold his stakes in two professional sports teams earlier this year, clearing the path of potential conflicts for sports betting.
