In a strategic move, Catena Media is set to make its mark in Vermont as the Department of Liquor and Lottery grants approval to three key operators – DraftKings, Fanatics, and FanDuel – allowing them to go live on January 11. Catena Media holds affiliation agreements with both DraftKings and FanDuel, positioning itself at the forefront of Vermont’s burgeoning online sports betting market.
Vermont Launch and Operator Approval
Vermont, with a relatively modest adult population of half a million, becomes the final addition to the New England states embracing online sports betting. The greenlight for operators, DraftKings, Fanatics, and FanDuel, sets the stage for a pioneering entry into the North American online sports betting landscape in 2024. Catena Media’s collaboration with these operators promises an extensive and engaging platform for sports enthusiasts.
Strategic Content Rollout
In conjunction with the launch, Catena Media is rolling out Vermont-themed content across its national brands. Teaming up with media partners such as NJ and TheSportingNews, the platform aims to deliver comprehensive coverage, capturing the essence of Vermont’s foray into the online sports betting arena.
Market Potential and Initial Response
Ryan Harper, Catena Media’s VP for North America, expressed optimism about the venture, noting the strong initial interest from both the industry and sports bettors in Vermont. The state’s familiarity with online daily fantasy sports products and horse-race wagering positions it as a promising market for online sports betting.
Expanding Operational Footprint
Vermont joins the growing list of states and Canadian provinces where Catena Media has established its operational footprint. With a presence now in over 28 US states and Canadian provinces, Catena Media demonstrates its commitment to expanding its reach in the North American market.
Strategic Divestment and Focus on the Americas
This strategic move into Vermont comes on the heels of Catena Media’s divestment of €19.8 million in Italian assets towards the end of 2023. The divestment signals a shift in focus towards regulated markets in the Americas. With an eye on the dynamic landscape of North America, Catena Media positions itself to capitalize on emerging opportunities in the region.
Looking Ahead: North Carolina on the Horizon
As Vermont marks the inaugural market to open its doors to online sports betting in 2024, the spotlight now turns to North Carolina, expected to follow suit in the coming months. The evolving landscape of online sports betting in North America presents a dynamic environment, with Catena Media strategically positioning itself to navigate and thrive in this competitive industry.
Catena Media’s foray into Vermont reflects not only a strategic business move but also an understanding of the evolving dynamics of the online sports betting industry in North America. With a focus on regulated markets, strategic partnerships, and a commitment to delivering engaging content, Catena Media continues to solidify its position as a key player in the region’s rapidly expanding online sports betting landscape.