Fanatics to Launch Sports Betting in January 2023

Michael Rubin the chief executive of Fanatics has confirmed that the company will launch its sports betting platform in January 2023 and will be live in 15 to 20 states prior to the start of the National Football League (NFL) season.

The company whose core business is licensed sporting merchandise and is based in Florida has talked about entering the expanding sports betting sector for some time but not given an exact timeframe till now.

However, in an interview with Sports Business Journal the Fanatics chief said, “I think in the betting business, we’re going to start launching in multiple states in January.”

Fanatics have been aided in the costly venture by investment funding in March this year that raised $1.5 billion along with expanding their current business in trading cards along with non-fungible tokens (NFTs).

As the announcement was made the company is now valued at $27 billion and Rubin has high hopes by stating that Fanatics plan to be in every major sports betting state in the future, except New York he said where you cannot make money off the business given that operators have to pay 51% tax on bets staked and in fact Fanatics did apply for a license last year but was refused.