Fanatics Sportsbook, after months of planning, is closing its newly acquired PointsBet app in Maryland and hopes to boost its market share in the Old Line State.
Maryland is different than other legal sports betting states since Fanatics Sportsbook is already a licensed operator. Bettors in nearby Virginia were notified in November that they can now download the Fanatics app and log in with their PointsBet information.
But in Maryland, Fanatics launched on June 1, 2023, and was a brief competitor to PointsBet (before their purchase agreement). Since both apps are currently live, PointsBet users were notified that their app is scheduled to shut down on Feb. 1.
In their email, PointsBet said that deposits and wagers cannot be made after Jan. 30. Their accounts will stay open for withdrawals until March 12. And for anyone who banked their rewards points, they have been converted into free bets.
While the email surprisingly doesn’t tell users about the Fanatics Sportsbook app, the hope from the company is that these bettors will move over to Fanatics.
Fanatics completed a similar migration in Virginia and a transition may be in the works in Pennsylvania. Covers reached out to PointsBet, but a spokesperson offered only that a date has not yet been finalized.
How Maryland’s market shapes up
Like every legal betting state, DraftKings and FanDuel dominate the market and that's also true in Maryland. Even in comparison to other operators, it still appears to be an uphill climb.
Six months ago, when Fanatics launched, the book grabbed less than 1% of the handle. That same month, PointsBet saw more money, but it was still less than 1% of the statewide action.
Last month, PointsBet still struggled to get past 1% market share. Fanatics Sportsbooks grew to 2.5%, which ranked sixth of the state’s 12 mobile operators.
