Fanatics Sportsbook Launches for New York Sports Betting

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Fanatics Sportsbook has completed its launch in New York, finalizing the takeover of the PointsBet brand in the state.

Fanatics is now live in 15 states. It acquired PointsBet’s U.S. operations for $225 million in mid-2023.

By September, it completed the transfer over in seven states to add to its previous launches for Massachusetts and Ohio sports betting.

Later in the year, it debuted for Connecticut sports betting after signing a deal with the Connecticut lottery.

Now it can add New York sports betting to its list of markets. That’s alongside Michigan and Indiana, which it also added this year.

The Empire State will be a long-awaited launch for Fanatics. Despite its 50% tax rate, New York is comfortably the nation’s largest sports betting market, hitting consecutive billion-dollar handle months in 2023.

Fanatics’ founder Michael Rubin also has a $50 million mansion in the Hamptons in Long Island.

“Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings Inc., a global digital sports platform, launched the Fanatics Sportsbook today in New York,” the operator said in a press release.

“Sports fans living in and visiting New York will be able to download the Fanatics Sportsbook on iOS and Android and begin their Fanatics Sportsbook experience.”

Fanatics’ Expansion

Previous PointsBet customers will now have their accounts automatically migrated over to the new Fanatics platform.

That includes usernames, passwords, account balance, and other details like rewards points and responsible gambling settings.

Since the sports merchandise company moved into gambling in late 2022, Fanatics has shown steady, consistent growth.

As well as its 15 sports betting markets, Fanatics also provides a dual platform for online casinos in Pennsylvania, Michigan, and West Virginia.

The operator will also have one eye on its upcoming launch for North Carolina sports betting on March 11.

It was recently granted a full sports betting license by the North Carolina Gaming Commission, for which it partnered with the NHL’s Carolina Hurricanes.

State of the Market

With sports betting in New York so competitive, licensees are seemingly on a one-in, one-out basis at the moment.

Fanatics has finished its acquisition of PointsBet’s New York operations this week, and last month ESPN Bet completed its acquisition of struggling WynnBET’s license.

The market may be worth some $200 million a month in revenue for operators. But the bottom of the pack aren’t making much of that.

WynnBET, in fact, managed to make a loss two months in a row before selling its slot to ESPN Bet.

PointsBet took $31 million in bets in January, from which it made $2 million in revenues.

The new operator will be hoping to do substantially better than that.

Top New York operator FanDuel took in $867 million in bets in January, from which it made $109 million in revenues.

The market is there, and Fanatics has a huge customer base and brand awareness from its merchandising business to leverage.

A recent study showed the popularity of sports betting in New York, alongside its 50% tax rate, means it accounts for 37% of all sports betting taxes paid in the U.S.

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