Fanatics are said to have signed a letter of intent to acquire the BetParx sportsbook. [Image: Shutterstock.com]
Prominent sporting goods company Fanatics is said to be in discussions to acquire the BetParx sportsbook. CNBC She reported the rumors on Friday, explaining that her sources are close to the matter but cannot comment publicly. Fanatics have been looking for opportunities to gain more of a foothold in the thriving sports betting sector in the United States for some time.
The fanatics have reportedly already signed a letter of intent to acquire the sportsbook
While no final agreement was reached, the fanatics have reportedly already signed a letter of intent to acquire the sportsbook. It’s not clear what price the fanatics plan to pay for the sportsbook and there’s no guarantee there will be a final deal. Neither BetParx representatives nor fanatics are provided CNBC Suspension.
Expanding sports betting
The fanatics already have plans to launch their own sportsbook in several states. It’s set to open a sportsbook to fanatics at FedEx Field, the home venue for the NFL’s Washington Chiefs. It also obtained a temporary license to launch a sportsbook in the state of Massachusetts.
The goal of the fanatics is to be in sports betting in 15-20 states by the start of the next football season. Get an operator like BetParx That would speed up that goal. BetParx Sportsbook was first launched in March 2022 in Pennsylvania. It was later launched in Ohio, Michigan, Maryland and New Jersey.
BetParx is operated by Greenwood Gaming & Entertainment, which is the parent company of Parx Casino in Pennsylvania. Fanatics is a major sporting goods company that is currently valued at $31 billion. Among the brands under its umbrella are Topps, WinCraft, and Mitchell & Ness.
Fanatics were only able to get involved in the sports betting market after its CEO Michael Rubin sold his 10% stake in the company that owns the New Jersey Devils and Philadelphia 76ers last year. Some professional sports leagues have rules that prevent team owners from participating in sports betting.
Looking forward to acquisitions
The fanatics reportedly have plans to do an initial public offering (IPO), but they seem like they’d like to consider making some acquisitions in the betting, gaming, and collectibles spaces before doing so. In late 2022, it raised $700 million in additional capital to fuel potential deals.
We previously discussed a potential deal with Tipico, but it ultimately didn’t come to fruition
The US sports betting scene is highly competitive, with operators spending huge amounts of money trying to acquire customers and gain brand recognition. Many of the smaller operators were struggling to keep up; Some, like MaximBet, have even pulled out of the market. The Fanatics had previously discussed a potential deal with Tipico, but it ultimately did not come to fruition.