Report: MA Could Help Make Fanatics Biggest 2023 Sports Betting Story

According to a recent survey conducted by HPL Digital Sport, the entry of Fanatics into the sports betting market in 2023 is expected to be the most significant development in the industry. Additionally, Massachusetts has the potential to serve as a launching point for this highly anticipated event.

Fanatics Sportsbook is licensed to offer online sports betting in Massachusetts, with plans to launch in May. Additionally, it holds licenses for Ohio, Tennessee, and Maryland, where it operates a retail sportsbook. Although it currently does not offer online products, this is expected to change soon, as Fanatics anticipates launching in Tennessee later this month.

Massachusetts could be next.

In the previous year, CEO Michael Rubin made an announcement about the introduction of the first Fanatics Sportsbook in multiple states by January, with plans to expand to every major state. However, this plan has not materialized yet. Nevertheless, the renowned brand name of Fanatics is likely to bring significant changes to the industry. Fanatics is a major player in the online retail market for licensed sportswear and merchandise, and it also has physical stores. In 2021, the company generated $3.4 billion in revenue, highlighting its strong presence and recognition in North America.

Once more, there is a possibility of witnessing the introduction of their second product in the Massachusetts sports betting industry.

Fanatics the most anticipated new sportsbook in 2023

From January 12-23, HPLDS conducted a survey involving a diverse group of sports betting and gaming journalists from multiple publications, totaling more than two-dozen participants. Additionally, the insights gathered from over a half-dozen industry consultants and analysts were incorporated into this report.

According to Michael Adorno, HPLDS’ Vice President of Communications, a few reporters from Catena Media participated in our survey. This participation is in line with the fact that Play MA is a part of Catena Media.

In addition to selecting Fanatics as the top story of 2023, 58% of participants expressed their excitement for Fanatics as the most anticipated new player in the market. Following Fanatics, 25% of respondents voted for the potential Disney (ESPN)/DraftKings collaboration, while 17% favored Betr, a microbetting platform co-founded by YouTuber and boxer Jake Paul.

According to a consultant in the survey, Fanatics is a prominent news topic that is expected to have a significant impact due to its strong brand, large audience, and available capital. However, the consultant emphasizes that having these advantages does not guarantee success in the long run. Execution is a challenging aspect, and numerous brands have already entered and exited the market at its early stage. It remains to be seen how Fanatics will fare after 18 months.

Another consultant chimed in, stating that Fanatics’ entry into the market has caught the attention of impact betting media. This is especially notable when compared to ESPN’s highly anticipated but still uncertain arrival. Unlike ESPN, Fanatics has already established its presence, dedicating the past 18 months to building a strong team of industry executives, engineering infrastructure, and trading capabilities. Additionally, with a vast database of potential customers and a CEO who is driven for success in all endeavors, Fanatics has the potential to be a truly disruptive force in the industry.

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Other top storylines mentioned in the HPLDS survey

Also earning mention was:

• The NFL’s Thursday Night Football package has been acquired by Amazon and DraftKings, who have successfully obtained licensing and naming rights.
• FanDuel has made the announcement to cease the expenditure of promotional funds in New York.
• FanDuel TV makes its grand entrance.
• The microbetting phenomenon
• Fubo and MaximBet have both withdrawn from the sports betting market.

FanDuel and DraftKings lead market share, but can Fanatics challenge?

In the online sports betting market, FanDuel and DraftKings currently hold the top two positions in terms of market share as of February 2023.

In November 2022, CNBC reported that FanDuel dominates the market share with 42%, while DraftKings holds a range of 20-25%. BetMGM occupies the third position, but it is primarily FanDuel and DraftKings who exert significant control over the growing online sportsbook market in the US.

It is likely that as time goes on, many markets will become less crowded. The closure of companies such as MaximBet and Fubo in the previous year suggests that this could happen. CNBC reports that a mere 2% of the market is controlled by 90% of the mobile sports betting operators in the United States.

Fanatics Sportsbook is not a newcomer in the industry, thanks to its well-known licensed sports apparel business that has built a strong brand presence. Armed with ample financial resources, Fanatics Sportsbook has the potential to challenge the dominance of FanDuel and DraftKings in the market.

However, the appearance of a Fanatics Sportsbook remains unseen thus far. It is anticipated to be launched in Tennessee later this month. Once Fanatics Sportsbook arrives in Massachusetts, it will enter a market where other operators have recently established themselves, providing an opportunity for the newcomer to begin with a clean slate.