Fanatics Sportsbook Is Late To Massachusetts Online Sports Betting

On Friday, Massachusetts regulators initiated the online sports betting market, empowering bettors in the Bay State to place wagers conveniently from the comfort of their homes.

Nevertheless, individuals will not have the opportunity to place bets through the Fanatics online sportsbook. Despite being granted one of the 11 online sports betting licenses issued by the Massachusetts Gaming Commission, the sportsbook is scheduled to commence operations in May.

Short window of time cost Fanatics an on-time launch

Massachusetts sports betting officially kicked off at the end of January as the retail market started operating. On January 31, the state’s three casinos became eligible to launch their physical sportsbooks.

Regulators announced that online wagering would commence on March 10, a mere nine days later. This date conveniently coincides with the start of the March Madness basketball tournament, enabling Massachusetts sports bettors to participate in the wagering action.

Nevertheless, they gave themselves a mere month to distribute licenses and establish a regulatory structure. The limited time frame between the declaration and initiation put operators in a challenging situation too. Merely six online license holders commenced accepting bets at 10 a.m. on Friday.

Several well-established operators, including DraftKings, FanDuel, BetMGM, Caesars Sportsbook, WynnBet, and Barstool Sportsbooks, have successfully launched their products in multiple states. Their apps were introduced on Friday, while Betr Sportsbook is set to launch in April as the seventh operator.

However, Massachusetts has the potential to become the first state where Fanatics’ online sportsbook is up and running. Although Fanatics has obtained licenses for online operations in Ohio and Maryland, they have not yet launched their product in either of those states. Additionally, the company has applied for an online license in Pennsylvania and is currently awaiting a decision from regulators. It is also possible that a launch in Tennessee is on the horizon.

In January, Fanatics launched its retail sportsbook at FedEx Field in Maryland, which is the home of the NFL’s Washington Commanders.

Fanatics has high hopes for 2023

Despite the first quarter of the year coming to a close, the company anticipates substantial growth prior to 2024.

By the end of this year, Fanatics CEO Michael Rubin stated that he anticipates the company to introduce a licensed online sportsbook in approximately 15 to 20 states, as he mentioned last fall.

In 1995, Fanatics originated in Jacksonville, Florida, as a retail company specializing in sports merchandise. In 2012, Rubin acquired the company for a staggering $2.4 billion. Fast forward to 2021, he revealed his plans to establish a sportsbook division within the company.

Matt King, CEO of Betting and Gaming at Fanatics, informed the Massachusetts Gaming Commission that his company had originally intended to enter the Massachusetts market concurrently with the major competitors. He stated that Fanatics had anticipated being fully prepared for the commencement on March 10.

In order for Fanatics to achieve King’s objective of 15-20 states, they must rapidly expand their operations.

A late entry to Massachusetts will not leave them in isolation as the MGC has the potential to grant up to 15 licenses by the completion of their process.