Posted on: February 28, 2024, 09:10h.
Last updated on: February 28, 2024, 10:59h.
Fanatics Sportsbook launched its online sports betting product in Indiana on Tuesday. The Hoosier State marks the 14th sports betting state entry for the mobile wagering platform controlled by the sportswear giant.
Fanatics Sportsbook operates under Fanatics Betting and Gaming, the retail and online sports betting subsidiary of Fanatics Holdings, Inc. The company also runs iGaming in Michigan, Ohio, and Pennsylvania.
Indianans and anyone visiting the state aged 21 and older can now download the Fanatics Sportsbook app and begin betting.
The company’s sportsbook in Indiana features all of the product’s amenities, including the “Discover” feed that displays betting data and statistical insights. Indiana Fanatics bettors will also receive FanCash — up to 5% of their wager — that can be used for bonus bets or merchandise at Fanatics.
The Fanatics Sportsbook launch in Indiana is through a partnership with Penn Entertainment and the company’s Hollywood Casino in Lawrenceburg.
Sports Betting Focus
Fanatics was founded in 2011 by Michael Rubin. The company is today the leader in licensed sportswear for professional and college teams. Rubin is now wildly rich, with Forbes estimating his net worth around $11.5 billion.
Rubin, who’s just 51 years old, isn’t content with his Fanatics empire, and is instead seeking to overhaul the American manufacturer and retailer into a sports betting behemoth. Unfazed to enter a market dominated by DraftKings and FanDuel, Rubin is committed to evolving Fanatics into a sportsbook front-runner.
Rubin took a major step toward accomplishing that goal by acquiring PointsBet in May of 2023 for $225 million. PointsBet platforms have since been transitioning to Fanatics Sportsbooks.
The PointsBet takeover gave Fanatics the seventh-largest U.S. sportsbook and almost immediate access — pending state regulatory approvals — to 12 states where Fanatics wasn’t licensed for sports gambling. Fanatics and PointsBet had initially agreed to a $150 million all-cash deal. But after DraftKings pitched a nonbinding offer of $195 million, Rubin upped the ante to $225 million.
As state regulators weighed the licensing movement from PointsBet to Fanatics, PointsBet sportsbooks were rebranded to “PointsBet, a Fanatics Experience.” The conversion of Indiana leaves just one state to go — Kansas.
Fanatics Sportsbooks are active via retail and/or online in Colorado, Connecticut, Indiana, Iowa, Kentucky, Maryland, Massachusetts, Michigan, Ohio, Pennsylvania, Tennessee, Vermont, Virginia, and West Virginia.
Fanatics has 13 retail locations, including sportsbooks outside Progressive Field, home of MLB’s Cleveland Indians, and Nationwide Arena, home of the NHL’s Columbus Blue Jackets. Fanatics also operates the only in-stadium NFL sportsbook at FedExField, home of the Commanders, in Landover, Md.
Merch Layoff
The Indiana debut of the Fanatics Sportsbook comes as the company’s merchandise division announced layoffs at its facilities in Tampa and Easton, Pa. The Fanatics Commercial confirmed that more than 100 people, including vice presidents, directors, and managers, were among those on the chopping block.
The job cuts account for less than 1% of the Fanatics Holdings workforce. The position reductions are related to new Fanatics Commerce CEO Andrew Low Ah Kee’s vision for the future of the apparel division.
As we continue to evolve from a merchandise company into a global digital sports platform, our organizational structure should naturally transition alongside it. This is a strategic restructuring of our Fanatics Commerce business to make the fan experience even more central to everything we do,” a Fanatics spokesperson told the Sports Business Journal.
“As part of this restructuring, we uncovered a very small number of positions that were no longer in alignment with our strategic priorities,” the statement added.
