{"id":218899,"date":"2022-06-26T15:02:45","date_gmt":"2022-06-26T22:02:45","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=218899"},"modified":"2022-06-26T16:09:53","modified_gmt":"2022-06-26T23:09:53","slug":"fanatics-has-initial-approval-for-maryland-retail-sportsbook","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/","title":{"rendered":"Fanatics Wins Initial Approval for Maryland Sportsbook"},"content":{"rendered":"

In another sign that its sports betting entry is imminent, Fanatics last week was granted preliminary approval for a brick-and-mortar sportsbook in Maryland.<\/p>\n

\"Fanatics
Baltimore Ravens quarterback Lamar Jackson in a game against the Cleveland Browns. Fanatics won initial approval for a Maryland sports betting permit. (Image: Bleacher Report<\/em>)<\/figcaption><\/figure>\n

The Maryland Lottery and Gaming Control Commission (MLGCC) unanimously voted in favor of the move at its June meeting last week. The commission notes Fanatics is in financially sound condition.<\/p>\n

Fanatics Holdings has sufficient liquidity to meet its financial obligations and working capital requirements for the foreseeable future. Additionally, the Company\u2019s financial ratios and margins are generally favorable and its auditors have not expressed any concern with the Company\u2019s financial condition or operations,\u201d<\/strong> according to the commission.<\/p><\/blockquote>\n

The sports apparel and trading card behemoth still needs to obtain approval from the Sports Wagering Application Review Commission (SWARC) before commencing operations in the state. Florida-based Fanatics didn\u2019t mention where in Maryland it\u2019s looking to open a retail sportsbook.<\/p>\n

Fanatics Sports Betting Signs Abound<\/h2>\n

The MLGCC approval capped a busy week for Fanatics on the sports wagering speculation front.<\/p>\n

\n

That party started on Tuesday, June 22, when Fanatics founder Michael Rubin announced he\u2019s selling<\/a> his 10% interest in Harris Blitzer Sports & Entertainment, the company that owns the NBA\u2019s Philadelphia 76ers and the NHL\u2019s New Jersey Devils. Industry observers believe Rubin is divesting his stakes in the teams so as to not run afoul of league rules pertaining to owners being directly involved with gaming companies.<\/p>\n<\/div>\n

That news was followed by reports that Fanatics is holding takeover talks<\/a> with German sportsbook operator Tipico. Tipico, which is controlled by CVC Capital Partners, also operates in Colorado and New Jersey, and has market access to several other states.<\/p>\n

It remains to be seen if Fanatics brings that deal across the finish line. The company has been tied to a variety of industry consolidation rumors, including PointsBet<\/a>, Rush Street Interactive (NYSE:RSI), Churchill Downs\u2019 (NASDAQ:CHDN) TwinSpires Racing unit, Swedish gaming giant Betsson, and WynnBet, among others, but has yet to confirm a transaction.<\/p>\n

Maryland Outlook<\/h2>\n

Maryland voters approved regulated sports wagering in November 2020. But in what\u2019s one of the most frustrating state-level scenarios since the 2018 Supreme Court ruling<\/a> on the Professional and Amateur Sports Protection Act (PASPA), sports betting still isn\u2019t live in Maryland.<\/p>\n

Gov. Larry Hogan (R-MD) is pushing SWARC to expedite<\/a> the regulatory process and issue licenses so the state can capitalize on the 2022 football season. Currently, only the five land-based casinos Maryland offer sports wagering, meaning the state isn\u2019t realizing benefits from mobile and online betting.<\/p>\n

With mobile betting not on the table in Maryland, residents are traveling to neighboring states to place wagers, costing their home state millions in tax revenue in the process. Further complicating matters, some analysts believe it will be early 2023 before online sports wagering finally takes flight in the Old Line State.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

In another sign that its sports betting entry is imminent, Fanatics last week was granted preliminary approval for a brick-and-mortar sportsbook in Maryland. The Maryland Lottery and Gaming Control Commission (MLGCC) unanimously voted in favor of the move at its June meeting last week. The commission notes Fanatics is in financially sound condition. Fanatics Holdings […]<\/p>\n","protected":false},"author":46,"featured_media":218900,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13592,1074],"tags":[],"acf":[],"yoast_head":"\nFanatics Has Initial Approval For Maryland Retail Sportsbook<\/title>\n<meta name=\"description\" content=\"Fanatics wins preliminary approval for Maryland sportsbook.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fanatics Has Initial Approval For Maryland Retail Sportsbook\" \/>\n<meta property=\"og:description\" content=\"Fanatics wins preliminary approval for Maryland sportsbook.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-26T22:02:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-26T23:09:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/LJ-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1706\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/\",\"url\":\"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/\",\"name\":\"Fanatics Has Initial Approval For Maryland Retail Sportsbook\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/LJ-scaled.jpg\",\"datePublished\":\"2022-06-26T22:02:45+00:00\",\"dateModified\":\"2022-06-26T23:09:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Fanatics wins preliminary approval for Maryland sportsbook.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-has-initial-approval-for-maryland-retail-sportsbook\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/LJ-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/06\/LJ-scaled.jpg\",\"width\":2560,\"height\":1706,\"caption\":\"Baltimore Ravens quarterback Lamar Jackson in a game against the Cleveland Browns. 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