Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings, has initiated a soft launch of retail and online sports betting in Connecticut, becoming its ninth state of operation. The Fanatics Sportsbook now holds the exclusive partnership with the Connecticut Lottery Corporation for both mobile and retail sports betting channels. This strategic move positions Fanatics as a key player in Connecticut’s growing sports betting market.
Launch Details:
The soft launch includes both retail and online sports betting offerings. Fanatics Sportsbook, set to fully launch on December 18, will initially cater to 2,000 online customers during this week’s soft launch phase. The partnership solidifies Fanatics’ presence in Connecticut as it collaborates with the Connecticut Lottery Corporation to bring a comprehensive sports betting experience to the state.
Enhancements to Retail Locations:
Fanatics plans to enhance the ten retail locations in Connecticut operated by the CT Lottery. These upgrades will involve the installation of new signage, odds screens, and state-of-the-art self-service betting kiosks provided by Suzohapp. The retail locations will also benefit from Fanatics becoming the official odds provider for all CT Lottery retail sports betting outlets.
Strategic Positioning:
By securing an exclusive partnership with the Connecticut Lottery Corporation, Fanatics Sportsbook aims to establish itself as a prominent player in the Connecticut sports betting landscape. The strategic enhancements to retail locations and the integration of cutting-edge technology underscore Fanatics’ commitment to delivering a seamless and engaging betting experience.
Market Expansion and Acquisitions:
Fanatics Betting and Gaming’s entry into Connecticut follows its ongoing expansion strategy in the US market. The company has been acquiring the US businesses of PointsBet, signaling its intent to strengthen its market presence. The migration of customers to the Fanatics Sportsbook app is part of the broader plan to consolidate its position in the rapidly evolving sports betting industry.
Connecticut Sports Betting Landscape:
Connecticut’s sports betting and iGaming handle recorded $985.4 million in August, marking a 13.6% decrease from July. Despite the decline, sports betting handle remained robust at $91.3 million, down only 0.2% from the previous month. The online casino revenue witnessed a 10.6% increase to $24.9 million. Fanatics Sportsbook’s entry into this dynamic landscape aligns with the state’s continued growth in sports betting and iGaming activities.
Fanatics Sportsbook’s soft launch in Connecticut signifies another strategic milestone in its US market expansion. The exclusive partnership with the Connecticut Lottery Corporation, combined with retail enhancements and technological integrations, positions Fanatics as a key player in Connecticut’s burgeoning sports betting sector. The full launch on December 18 is anticipated to further elevate Fanatics’ presence in the state’s dynamic and competitive market.