Fanatics Massachusetts To Focus On Innovation And Customer Rewards
Fanatics Betting and Gaming CEO Matt King appeared as a keynote speaker at SBC Summit North America on Wednesday.
His presentation included references to his company entering the Massachusetts sports betting market, but the central theme was how Fanatics plans to disrupt the industry.
Online sports betting in Massachusetts is live, and it will be among the first sports betting markets for Fanatics Sportsbook, a brand known primarily as a sports apparel retailer and collectibles merchandiser.
Fanatics Betting and Gaming CEO promises innovation
“There has been a real tension between moving quickly and innovating,” King said as he opened day two of SBC Summit North America at the gaming conference in New Jersey. “We’re not necessarily in the pursuit of market share. … Our priority is get it right, not get it fastest.”
Fanatics is aiming to launch its sportsbook in Massachusetts some time next week, per the Massachusetts Gaming Commission. In addition, the company claims it will launch its sportsbook in several other states in 2023.
In his speech, King compared Fanatics to Amazon, in that its customers expect an elevated user experience. He explained that Fanatics users want sports betting from the brand, but carry expectations that the app will match the existing superior performance of Fanatics online.
Promising innovation, King underscored that Fanatics wants to push the sportsbook user experience to a new level, one that is expected from other apps.
“(There exists) a big satisfaction gap between sports betting apps and apps like Netflix,” King said, hinting that Fanatics would strive to deliver a sportsbook that stands out for user experience.
He also added that his company is in a great position because it’s entering the industry when the cost of business is much lower than in the past.
“Market access is 40-50% cheaper than it was 3-5 years ago,” King said.
Before he joined Fanatics, King was CEO of FanDuel. When he was lured to Fanatics, it signaled a serious commitment from the company to enter the sports betting industry. King earlier served more than a decade at KKR Capstone, a global investment firm.
Unique rewards from Fanatics Sportsbook
According to King, user experience and a rewards program centered on sports experiences will be prominent in the industry in the future.
“(We can) make (the customer) feel valued,” King said.
That sentiment may be attractive to many sports bettors who share poor customer support experiences on social media.
With that in mind, King unveiled his company will offer a unique rewards payment structure based on betting activity. Fanatics will issue FanCash to bettors based on the amount of their wagering:
- 1% for straight bets
- 3% for parlays
- 5% for Same Game Parlays
FanCash can then be used to purchase Fanatics merchandise at any of its online or retail stores.
King also said Fanatics can do unique customer rewards initiatives, such as mailing a signed jersey to a bettor who won a bet involving that player. King said such a program would be “a low cost measure for the company, but a high value item for a user.”
Furthermore, it’s anticipated that Fanatics Sportsbook MA will offer new user promotions when it launches in the state.
Fanatics Sportsbook in Massachusetts
Earlier this year, Fanatics CEO Michael Rubin predicted his company could have a sportsbook in 12-15 states by the start of the 2023-24 NFL season.
Fanatics is one of 10 sports betting operators to have received a license in Massachusetts, which launched online sports betting on March 10. Right now, seven operators are live, with Betr officially launching in MA this week.