Fanatics Rising in US Sports Betting
Fanatics is making gains in terms of US online sports betting (OSB) market share, indicating that it could be a viable contender in the space over the long term.
Privately held Fanatics acquired PointsBet US in 2023 in a $225 million all-cash deal, paving the way for the apparel giant’s betting and gaming unit to enter the regulated North American online sports wagering space. At the time of that deal, PointsBet’s US market share was scant and the company wasn’t profitable, underscoring why the Australian parent sold the business.
Since then, Fanatics has made significant market share gains, rising to 4.8% of the US OSB space at the end of October, up from less than half a percent in November 2023, according to Eilers & Krejcik Gaming (EKG).
