The fast-growing sports platform, Fanatics, currently offers its sports betting services at a retail location at FedExField in Maryland. Previously, the company hinted about expansion to other states including Pennsylvania, Massachusetts as well as Ohio. But the company’s CEO and founder, Michael Rubin, explained that statewide expansion to 12 or even 15 US states is
Fanatics Hints Plans for Further US Sportsbook Expansion
The fast-growing sports platform, Fanatics, currently offers its sports betting services at a retail location at FedExField in Maryland. Previously, the company hinted about expansion to other states including Pennsylvania, Massachusetts as well as Ohio. But the company’s CEO and founder, Michael Rubin, explained that statewide expansion to 12 or even 15 US states is also possible.
The founder and CEO recently participated at the Sports Business Journals World Congress of Sports Conference. The prestigious event took place in Los Angeles earlier this week and when interviewed, Rubin confirmed that there is a possibility for Fanatics Sportsbook to expand to more US states this year.
Fanatics previously projected an expansion of its sportsbook services to up to 20 US states. But according to Rubin, just in time for the start of the 2023 football season, the company’s Sportsbook may be live in 12 to 15 US states.
The Company Plans Strategic Expansion
During the conference, Rubin acknowledged Fanatics’ growth within its different operating segments. He spoke about the achievements of the company within the merchandise and collectibles vertical, but at the same time noted that Fanatics is doing well with offering sports betting services.
Rubin added that the combination of those businesses can have a significant financial representation. “We think those three businesses in the long-term can have $8 billion dollars in EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization),” he explained. According to Rubin, the goal to success is to ensure that the company’s merchandise, collectibles and sports betting businesses collaborate effectively.
“We do a great job in the commerce business, which is merchandise. We do a great job with collectibles. We do a great job with online sports betting.“
Michael Rubin, CEO and founder of Fanatics
Without any doubt, Fanatics is planning to grow significantly within the sports betting vertical. This comes as no surprise, considering that more than 30 US states currently offer legal sports betting, while others are in the process of legalizing the activity. Besides the sports betting vertical, Fanatics has been growing its collectibles and merchandise businesses. Ultimately, given that the company continues to expand, it’s not impossible for it to become an all-in-one sports giant, offering betting, merchandise and collectibles.
