In the short period of time Fanatics has gone from a sports memorabilia company to a sports memorabilia company and a growing sportsbook operator. The firm added its 17th state when the Arizona Department of Gaming issued a license in partnership with the Tonto Apache Tribe.
The license carries an $850,000 initial fee with an annual renewal of $150,000. Fanatics plans to add to its stable with entrée in Kansas, Louisiana, and Wyoming, with New Jersey and North Carolina expected to be next, according to Yogonet Gaming News.
In Arizona, Fanatics will join 17 existing online sportsbooks and some 25 retail locations. Market leaders like FanDuel and DraftKings, generating over $100 million in handle each, dominate Tier 1 operators.
Fanatics expects to compete in Tier 3, home to other smaller operators such as Hard Rock Bet and Desert Diamond.
