{"id":237246,"date":"2022-10-12T17:44:00","date_gmt":"2022-10-12T22:44:00","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=237246"},"modified":"2022-10-13T17:45:26","modified_gmt":"2022-10-13T22:45:26","slug":"fanatics-sports-betting-unit-to-debut-in-january-says-rubin","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fanatics-sports-betting-unit-to-debut-in-january-says-rubin\/","title":{"rendered":"Fanatics Eyeing January Sports Betting Debut, Not Keen on New York"},"content":{"rendered":"

Fanatics is aiming to have its sports wagering unit up and running by January, hoping to be live in various major states by the start of the 2023 football season. But New York won\u2019t be part of that equation.<\/p>\n

\"Fanatics\"
Fanatics founder and CEO Michael Rubin. He said the company’s sports betting division will debut in January 2023. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

In remarks made at the CAA World Congress of Sports in New York Tuesday, Fanatics founder and CEO Michael Rubin said the company will be seeking entry into every significant sports wagering state throughout 2023, with New York being the exception. Citing the state\u2019s burdensome 51% tax rate on sports wagering — tied with New Hampshire for the highest in the country — Rubin says it\u2019s too hard to be profitable in the fourth-largest state.<\/p>\n

We\u2019ll be in every major state other than New York, where you can\u2019t make money,\u201d<\/strong> he said at the conference. \u201cWe do like to make money, by the way. It\u2019s this crazy concept in business \u2014 where we have revenue, we try to have profits that follow it.\u201d<\/strong><\/p><\/blockquote>\n

In late August, Rubin said in a media interview<\/a> it was possible the company could be accepting wagers in some locations by the end of this year.<\/p>\n

Forecasting Fanatics Market Entries<\/h2>\n

Rubin didn\u2019t expound upon \u201cmajor states,\u201d but excluding New York, that group likely includes Arizona, Colorado, Illinois, Louisiana, Michigan, Nevada, New Jersey, and Pennsylvania, among others. It\u2019s likely Massachusetts, Ohio, and perhaps Maryland will be joining that fray at some point in 2023.<\/p>\n

\n

Regarding Illinois, the sports betting mecca of the Midwest as measured by handle, Fanatics would have to shell out a $20 million fee for online sports betting license. That’s if it doesn\u2019t strike a partnership with a land-based casino in the state. Recently valued at $27 billion<\/a> in private markets, the sports apparel giant can afford that tab.<\/p>\n<\/div>\n

Regarding Nevada, how Fanatics enters that state, or if it wants to, remains to be seen. Online-only sportsbooks, namely DraftKings and FanDuel, currently don\u2019t operate in the state. All of the mobile sports wagering apps available to Nevada residents are offered by companies that also run land-based casinos.<\/p>\n

Fanatics could solve Nevada entry via acquisition or a simple partnership with a local casino operator. While the company has long been rumored to be a buyer<\/a> in sports betting consolidation, it\u2019s yet to strike a deal. That prompted speculation that Rubin believes his firm doesn\u2019t need to buy a competitor simply to pave its entry into sports betting.<\/p>\n

Fanatics Questions<\/h2>\n

Fanatics is an increasingly sprawling empire that includes digital assets, trading cards, and apparel and betting.<\/p>\n

Rubin boasted that the company\u2019s massive database could be a cost-efficient avenue for sports wagering customer acquisition. Analysts have reservations about that assertion because DraftKings and FanDuel entered the business with large, established data lists and still spent big to acquire customers.<\/strong><\/p>\n

For now, Fanatics is a private company. But if it pursues an initial public offering (IPO), which is widely anticipated, Wall Street is likely to scrutinize its sports betting client acquisition costs heavily.<\/p>\n","protected":false},"excerpt":{"rendered":"

Fanatics is aiming to have its sports wagering unit up and running by January, hoping to be live in various major states by the start of the 2023 football season. But New York won\u2019t be part of that equation. In remarks made at the CAA World Congress of Sports in New York Tuesday, Fanatics founder […]<\/p>\n","protected":false},"author":46,"featured_media":237247,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,1074],"tags":[81898,80968],"acf":[],"yoast_head":"\nFanatics Sports Betting Unit To Debut In January, Says Rubin<\/title>\n<meta name=\"description\" content=\"Fanatics will introduce sports betting business next year, avoid New York, says Rubin.\" \/>\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-sports-betting-unit-to-debut-in-january-says-rubin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fanatics Sports Betting Unit To Debut In January, Says Rubin\" \/>\n<meta property=\"og:description\" content=\"Fanatics will introduce sports betting business next year, avoid New York, says Rubin.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fanatics-sports-betting-unit-to-debut-in-january-says-rubin\/\" \/>\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=\"2022-10-12T22:44:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-13T22:45:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/MR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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=\"3 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-sports-betting-unit-to-debut-in-january-says-rubin\/\",\"url\":\"https:\/\/www.casino.org\/news\/fanatics-sports-betting-unit-to-debut-in-january-says-rubin\/\",\"name\":\"Fanatics Sports Betting Unit To Debut In January, Says Rubin\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-sports-betting-unit-to-debut-in-january-says-rubin\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-sports-betting-unit-to-debut-in-january-says-rubin\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/MR.jpg\",\"datePublished\":\"2022-10-12T22:44:00+00:00\",\"dateModified\":\"2022-10-13T22:45:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Fanatics will introduce sports betting business next year, avoid New York, says Rubin.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-sports-betting-unit-to-debut-in-january-says-rubin\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fanatics-sports-betting-unit-to-debut-in-january-says-rubin\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-sports-betting-unit-to-debut-in-january-says-rubin\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/MR.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/10\/MR.jpg\",\"width\":1600,\"height\":900,\"caption\":\"Fanatics founder and CEO Michael Rubin. 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