Posted on: June 1, 2023, 04:49h.
Last updated on: June 1, 2023, 04:59h.
Fanatics Sportsbook has launched online operations in Maryland following approval by state regulators.
The Maryland Lottery and Gaming Commission issued a mobile sports wagering license to Fanatics’ in-state operation on Thursday, formally known as Maryland Stadium Sub, LLC.
The Maryland move comes as Fanatics Sportsbook is expanding its operations nationwide, and the company’s CEO has said it hopes to be in as many as 15 states by the start of the 2023 NFL season.
Fanatics has been operating a brick-and-mortar sportsbook in Maryland since January 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 it began taking bets in Massachusetts on May 25.
Growing Threat to the Competition
Fanatics announced a $150 million purchase of PointsBet’s (OTC: PBTHF) US operations earlier this month, giving it access to a dozen existing states, including Maryland. With the new approval, PointsBet’s existing Maryland operation is expected to shutter later this year.
Best known as a retailer of officially licensed sports apparel, Fanatics is a new entrant to the sports betting market, but it has the resources to put pressure on market leaders FanDuel and DraftKings. Valued at $31 billion in private markets as of last December, Fanatics entered the iGaming and sports betting market in 2021. Its other brands include Lids and sports card seller Topps Sports & Entertainment, which Fanatics purchased for $500 million early last year.
Fanatics tried to promote its Ohio sportsbook by offering bonus wagers to customers who purchased apparel or other merchandise, but the plan drew the ire of state regulators and was quickly stopped. It does not appear to have been replicated in other states.
Maryland’s 10th Mobile Sportsbook
Fanatics is the 10th 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.
Maryland sportsbooks took a total of $328.4 million in handle in April and contributed $3.9 million to a state public education fund, according to state regulators.
Approval of Fanatics Sportsbook came after a successful controlled demonstration on May 30, during which customers participated in live wagering on its mobile sports betting platform. Maryland Lottery and Gaming staff monitored the demonstration to ensure Fanatics complied with all required procedures and that systems functioned properly.