Fanatics‘ long courtship of sports betting in the United States may finally be fleshing itself out, as company founder Michael Rubin confirmed the news during a podcast interview. Rubin appeared on FanDuel’s podcast The Volume with Colin Cowherd.
Yes, Fanatics Will Accept Wagers in 2022
The fact that Rubin has been invited to share the news on what is clearly a rival platform and product is interesting, though. Were FanDuel and Fanatics to butt heads, Rubin would have probably chosen to not attend, nor FanDuel invites a competitor.
Regardless, Fanatics seems all set. Bets on the Sixers (referring to NBA franchise the Philadelphia 76ers) will be accepted by year’s end, Rubin confirmed. Earlier this year in June, it became clear that the company is divesting from the 76ers and the New Jersey Devils, an NHL franchise, which many interpreted as the company active preemptively to ensure that should it enter sports betting, there is no conflict of interests.
Fanatics seems to be all systems go to realize its sports betting ambitions and while details about the full picture are still somewhat lacking, there have been many interesting developments. Notwithstanding the share sales, Fanatics is also hiring 60 new people for its betting and gaming business, according to job postings on its career website.
Fanatics also managed to secure former CEO Matt King from FanDuel, which once again links the two companies.
The Single-Most Valuable Company in Sports
The company already holds a patent for a mobile betting app, sportsbook, and casino. Rubin also does not lack confidence, arguing that Fanatics could be the single most valuable entity in sports and even technology.
Fanatics is not looking to make an immediate splash in the market, either, as Rubin seems to be taking a very long-term view of the market. Rather, Rubin expects for the dust to settle first and regulation to go mainstream everywhere in the United States. It already has in more than 34 states, but there are more.
Fanatics is in a good starting position as it has a customer database of 100 million people which will give it a strong push forward once it launches in earnest.