The impact of Fanatics as a legal sports betting operator continues to be felt across the U.S. market.
In what’s been a busy last few weeks, Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings Inc., officially launched its sports betting platform in Colorado on Monday, making it the eighth state under the sportsbook's portfolio.
The migration from PointsBet, which sold its U.S. holdings to Fanatics earlier this year, is now complete in the Centennial State.
PointsBet customers in Colorado can now download and log into the new Fanatics app with their PointsBet usernames and passwords. Account balances, rewards, and responsible gaming settings are transferred automatically following the migration.
Fanatics hopes to attract new and retain PointsBet players with a more friendly app than the competition and with FastCash, a 5% cashback program.
Increasing the brand
Fanatics is also currently active in Kentucky, Maryland, Ohio, Massachusetts, Tennessee, West Virginia, and Virginia. Fanatics completed its migration and launch in Virginia less than two weeks ago.
Last week, the Connecticut Lottery announced that Fanatics was taking over the Nutmeg State’s third sportsbook partnership, which was previously held by PlaySugarHouse-owned Rush Street Interactive.
Moving toward migration
Fanatics has built a renowned sports apparel and memorabilia business and entered the gaming industry in 2021. The company has already paid $175 million of a $225 million total deal to PointsBet. That sale will be completed by the third quarter of 2023.
Fanatics still needs nine states, including large markets like New York, New Jersey, and Illinois, to complete the PointsBet migration.
Competition in Colorado
Fanatics enters Colorado sports betting looking to add market share against some of the stiffest competition in the industry. The Centennial State has 20 licensed operators, including FanDuel, DraftKings, Caesars, BetMGM, Circa Sports, and bet365.
ESPN BET went live in Colorado last month following the migration from PENN Entertainment’s former entity Barstool Sportsbook.
Colorado’s Department of Revenue recently reported a September handle of $512.7 and tax revenue of $3.1 million for the month.
