Fanatics Betting and Gaming has developed a winning formula it seems. Let someone else do the legwork and grab the reins of sports betting under its own banner. The upstart company did that when it bought the U.S. assets of PointsBet and the existing sportsbooks.
On December 1, the Connecticut Lottery Corporation (CLC) tapped Fanatics as its new sports betting partner for mobile and retail sportsbooks. Fanatics replaced Rush Street Interactive after an eight-month process, and now goes head-to-head with DraftKings and FanDuel for market share. Rush Street Interactive pulled out of a 10-year partnership.
“Fanatics is the only true sports brand in the gaming space and has established itself as an innovator in the industry,” said Greg Smith, president and CEO of the CLC. “We have been impressed with the Fanatics team, their aggressive entry into the U.S. sports betting market, and we are excited to see how they redefine the sports betting customer experience here in Connecticut.”
After beating BetMGM and Caesars for the contract, the company pulled out three years into the deal.
Last year, the three Connecticut sportsbooks produced about $136 million in gross gaming revenue, with Rush Street maintaining a market share of about 15 percent.
What Fanatics has going for it is the capability to add offerings such as merchandise to its sports betting platform. Known as the FanCash program, it offers rewards with promotional points on their bets.
“We are excited to be working with the CLC to bring the Fanatics Sportsbook to customers in Connecticut,” said Ari Borod, Fanatics’ chief business officer. “We are looking forward to bringing the Fanatics experience to the retail locations throughout Connecticut and more importantly, adding our innovative mobile app to the online choices available in Connecticut.”
Without naming specifics, the commission told Sports Handle the number of sportsbooks that submitted bids to replace Rush was surprising in a good way. The expected transition date for Fanatics’ sports betting rollout in Connecticut will be in mid-December.
