Posted on: Jun 1, 2023 04:49 am.
Last updated on: Jun 1, 2023 04:59 am.
Fanatics Sportsbook has commenced online operations in Maryland following approval by state regulators.
Fanatics mobile sports betting app seen on a mobile phone. The company’s app has been live in Maryland since Thursday. (Image: Play Ohio)
The Maryland Lottery and Gaming Commission on Thursday granted a mobile sports betting license to Fanatics’ state operation, officially known as Maryland Stadium Sub, LLC.
The move to Maryland comes at a time when Fanatics Sportsbook is expanding its operations nationwide, and the company’s CEO has stated that it hopes to have a presence in as many as 15 states by the start of the 2023 NFL season.
Since January, Fanatics has operated a physical sportsbook in Maryland at FedEx Field, home of the Washington Commanders. Earlier this month, the company launched beta versions of its mobile sportsbook in Ohio and Tennessee, and began accepting bets in Massachusetts on May 25.
Growing threat to the competition
Fanatics earlier this month announced it would purchase PointsBet’s (OTC: PBTHF) US operations for $150 million, giving the company access to a dozen existing states, including Maryland. With the new permit, PointsBet’s existing operations in Maryland are expected to close later this year.
Best known as a retailer of officially licensed sportswear, Fanatics is a new entrant to the sports betting market, but has the resources to put pressure on market leaders FanDuel and DraftKings. Fanatics was valued at $31 billion in private markets last December and entered the iGaming and sportsbook market in 2021. Other brands include Lids and sports ticket seller Topps Sports & Entertainment, which Fanatics bought for $500 million early last year.
Fanatics attempted to promote its Ohio sports betting offering by offering bonus bets to customers who bought clothing or other merchandise, but the plan drew the ire of state regulators and was quickly stopped. It seems it hasn’t been replicated in other states.
Maryland’s 10th Mobile Sportsbook
Fanatics is the tenth mobile sportsbook to launch in Maryland, joining Barstool Sportsbook, Betfred Sportsbook, BetMGM, BetRivers, Caesars Sportsbook, DraftKings, FanDuel, PointsBet and SuperBook.
The state also has 10 retail facilities: Bingo World in Brooklyn Park, Greenmount Station in Hampstead, Hollywood Casino in Perryville, Horseshoe Casino in Baltimore, Live! Casino in Hanover, Long Shot’s in Frederick, Maryland Stadium Sub at FedEx Field in Landover, MGM National Harbor in Oxon Hill, Ocean Downs Casino in Berlin and Riverboat on the Potomac in Charles County.
According to state regulators, Maryland sportsbooks earned a total of $328.4 million in April and donated $3.9 million to a state education fund.
The approval of Fanatics Sportsbook follows a successful controlled demonstration on May 30th that saw customers participate in live betting on the mobile sportsbook platform. Maryland Lottery and Gaming personnel monitored the demonstration to ensure Fanatics was following all required procedures and the systems were functioning properly.