Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings, continues its impressive expansion across the US, launching its online sportsbook in Virginia. This marks the seventh state for the sports betting giant, following its recent debut in West Virginia. The company has been making strategic moves, including the acquisition of PointsBet’s US businesses, and is now making waves in the highly competitive sports betting landscape.
Expansion Highlights:
In a dynamic move, Fanatics Betting and Gaming went live in West Virginia last week, quickly following up with its Virginia launch. The company has been on an acquisition spree, notably acquiring PointsBet’s operations in various states. This strategic growth is part of Fanatics’ broader plan to solidify its presence in key markets across the United States.
Retail Sportsbook Collaboration in Ohio:
Simultaneously, Fanatics Betting and Gaming has opened another retail sportsbook, this time in collaboration with the Columbus Blue Jackets in Ohio. This underscores the company’s commitment to engaging sports fans not only through online platforms but also in physical locations, enhancing the overall sports betting experience.
Strategic Acquisitions and Integration:
In August 2023, Fanatics Betting and Gaming embarked on the acquisition of PointsBet’s US businesses, setting the stage for a seamless migration of PointsBet customers to the Fanatics Sportsbook app. The recent completion of acquisitions in New York and Wyoming, coupled with earlier closures in Colorado, Iowa, Kansas, Maryland, New Jersey, Pennsylvania, Virginia, and West Virginia, showcases the company’s strategic approach to market dominance.
Virginia Sports Betting Landscape:
The launch in Virginia comes at a time when the state’s sports betting market is experiencing remarkable growth. September witnessed a sports betting handle of $520.3 million, marking a substantial 26.5% increase compared to the same period in 2022. Mobile operators played a significant role, accounting for over $514.7 million of the total handle, while Virginia’s three casino sportsbooks contributed $5.6 million. With 16 licensed operators in the state, the collective gross revenue reached $54.1 million, with bettors winning $466 million. Adjusted gross revenue, after deductions for promotions and bonuses, reached $45.6 million, marking the second-highest total for 2023.
Fanatics Betting and Gaming’s entry into Virginia and the broader US market showcases the company’s commitment to strategic growth and market dominance. The expansion into online and retail sports betting aligns with the evolving landscape of sports wagering in the United States. As Fanatics continues to make headlines with its acquisitions and launches, the company is poised to play a pivotal role in shaping the future of sports betting, offering sports enthusiasts an unparalleled and engaging betting experience.