Fanatics has made it known that it wants in when it comes to sportsbooks. One way in is to purchase an existing sportsbook. And sources say the company has its sights set on BetParx, a small company based in suburban Philadelphia, which is also home to Fanatics CEO, Michael Rubin.
Fanatics, the sports apparel retailer, has a valuation of $31 billion, according to CNBC.
The company has signed a letter of intent, sources say. But that doesn’t mean a deal is imminent or even assured. Neither is a price for the deal if it gets that far. Both Fanatics and BetParx declined to comment.
Greenwood Gaming & Entertainment, the owner of Parx Casino in Bensalem, Pennsylvania developed the BetParx app last year, along with Playtech, an online gambling software supplier.
Since its debut, BetParx has launched in New Jersey, Pennsylvania, Maryland, Michigan and Ohio.
If successful, Fanatics will join a crowded field with dozens of operators, large and small. In fact, the firm already has its foot in the door, being named the sportsbook at FedEx Field, the stadium of the NFL’s Washington Commanders.
The company also received a temporary license to operate in Massachusetts, and plans to partner with Plainridge Park Casino, which is owned by Penn National.
Last year, Rubin sold his 10 percent stake in Harris Blitzer Sports Entertainment, the owner of the Philadelphia 76ers. NBA rules bar team owners from operating a gambling platform.
