New York Regulatory Body endorses Fanatics as the new licensee, replacing PointsBet's permit.
Starting the iGaming Game: Fanatics' US & NY Markets Move
It's been a hot year in the gaming world, with some serious moves being made. Fanatics Betting and Gaming took a big leap when it snatched up PointsBet's US assets, marking PointsBet's exit from America back in spring. The deal saw PointsBet raking in a cool $225 million, which they're planning to use for fattening their bankroll and dishing out hefty capital returns to shareholders.
With PointsBet's US business licensed to operate in lucrative markets like New York, Fanatics was keen to get a slice of the action. Luckily for them, the New York State Gaming Commission agreed to transfer the license following the acquisition.
After some careful investigations, the gaming commission gave the green light for Fanatics Sportsbook to take over the license. That's not all – Fanatics expressed their gratitude to the commission and revealed their excitement about bringing the Fanatics experience to New Yorkers.
Following the PointsBet acquisition, Fanatics rebranded the operator's app as PointsBet, a Fanatics Experience. The revamped app flaunts Fanatics branding, and it looks like the PointsBet app in New York will soon follow suit, making a formal switch to the fully-branded Fanatics Sportsbook platform.
Besides sports betting, Fanatics has its sights set on biting into the world of iGaming. They're planning to launch Fanatics Casino in US states where gambling is legal, with a potential launch in late 2023 or early 2024. The company is optimistic about the launch and anticipates drawing in a crowd.
Here's a brief timeline of Fanatics Betting and Gaming's U.S. and New York market forays:
- May 2023: Fanatics made a play for PointsBet's US business for $150 million, marking its debut in the U.S. sports betting industry.
- June 2023: Fanatics went all-in, upping their offer to $225 million to outbid competitors.
- August 2023: The first wave of the deal closed in eight U.S. states, and Fanatics began transitioning the PointsBet brand to Fanatics Sportsbook.
To enter the New York iGaming and sports betting market, Fanatics would need to secure licenses, apply for approval, and prepare for launch – all under the watchful eye of the New York State Gaming Commission. Although the details for New York's iGaming market entry are still up in the air, Fanatics is putting a strategy in place to make its mark in the Empire State. Stay tuned for more updates!
Fanatics, with its ambitious expansion, didn't just enter the US sports betting industry, but also expressed interest in New York's iGaming market, aiming to launch Fanatics Casino there when applicable. Meanwhile, the company is preparing to rebrand its PointsBet app to the fully-fledged Fanatics Sportsbook in New York, leveraging technology to enhance the gaming experience.
