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Fanatics CEO Sees Online Sports Betting Launch Happening in January

Summarized by: Live Sports Direct
 
Fanatics CEO Sees Online Sports Betting Launch Happening in January

Fanatics is going to launch an online sports betting service in January.

Fanatics CEO Michael Rubin sees the launch of its long-planned online sports betting operation in early 2023. Fanatics is one of the companies behind Proposition 27, which would bring online betting to California. The company is also aiming to provide online gambling in Ohio in partnership with the Columbus Blue Jackets. New York regulators rejected Fanatic's application to offer mobile sports wagering in the Empire State. They were unhappy with a high tax rate of 51% of mobile betting revenue.

Fanatics is entering the legal sports betting market. The company could cross-sell merchandise to customers on their sportsbook and vice versa. Free bets are expensive. The average cost to acquire a customer in online sportsbetting today is $500.

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