Fanatics bets on its fans to win sports-gambling race; launching U.S. betting app Monday

Fanatics bets on its fans to win sports-gambling race; launching U.S. betting app Monday

Article brief provided by The Wall Street Journal
  • Katherine Sayre, The Wall Street Journal
April 27, 2023 9:13 PM
  • Katherine Sayre, The Wall Street Journal
  • Ohio
  • Tennessee
  • Sports Betting

Fanatics Inc. is late to the sports-betting game. Its chief executive thinks he has a strong hand.

On Monday, the sports-merchandise company plans to launch its first gambling app in Tennessee and Ohio, years after others entered the fast-growing market.

Competition is stiff. FanDuel Group, DraftKings Inc. and BetMGM hold an estimated 85% of the sports-betting market in the U.S.

Fanatics acknowledges it is a late-mover into sports wagering but says its database of 95 million existing customers worldwide offers an advantage. The company will connect gamblers to its rewards program for deals on merchandise, signed collectibles and access to athletes and games.