Michael Rubin’s next gamble: Turning Fanatics into a sportsbook

Fanatics is in the process of signing marketing deals with some 3,000 athletes. They could be recruited for rewards experiences. Since 2018, operators have spent billions on commercials, signing up famous spokespeople and buying media companies. FanDuel and DraftKings have cornered big chunks of the market. Caesars announced this year it was planning to cancel hundreds of millions of dollars from its marketing budget. According to Betting Hero Research, the average bettor is only actively using between one and two apps to place bets. The first sportsbook app that anyone downloads gets twice as much action as other apps.

Fanatics is a sports entertainment company. Michael Rubin wants to turn it into a betting business. He wants the company to become elemental to sports fans. Rubin and Jay-Z helped to get Meek Mill released from prison. They also helped start a foundation that advocates for criminal justice reform. Fanatics did not bid for the Regional Sports Networks group. The ultimate goal is to take the business public. The road map and timeline remain undetermined. Before the second half, the 76ers owners gave Rubin a gift as a farewell gift for selling his shares.