- Fanatics Executive Chairman Michael Rubin sold his stake in the Philadelphia 76ers and New Jersey Devils earlier this week
- Fanatics acquired a Maryland retail sports betting licenses on Thursday
- According to a CNBC report, Fanatics is looking to acquire gambling company Tipico
It’s been a heck of a week for Fanatics Executive Chairman Michael Rubin. He announced he’d be selling his stake in both the Philadelphia 76ers and New Jersey Devils on Wednesday and could be narrowing in on the acquisition of an established online sports betting company less than 24 hours later.
According to a report from CNBC, Fanatics is currently in discussions to acquire sports betting company Tipico. Tipico currently offers online sports betting in both New Jersey and Colorado, but has market access agreements in Ohio, Iowa, and Indiana, according to the company’s website.
CNBC reporters Alex Sherman and Jessica Golden wrote that the two sides are currently at an impasse on a purchase price for the sports betting company, but discussions are still ongoing.
— Michael Rubin (@michaelrubin) June 22, 2022
Fanatics Also Acquires Maryland Retail Sports Betting License
Adding to the Fanatics sports betting intrigue, the company today was unanimously approved for a Maryland retail sports betting license by the Maryland Lottery and Gaming Control Commission (MLGCC) during its monthly meeting. Fanatics will have to partner with a retail facility to offer sports betting in the state.
Maryland is the first state Fanatics has successfully applied for and been awarded a sports betting license.
The MLGCC performed an extensive evaluation of the company’s operating performance and financial condition from Dec. 31, 2017, to Dec. 31, 2021, and found the company met standards for a license and exhibited “financial stability, integrity and responsibility.”
Fanatics Interest in Sports Betting
Rubin has long expressed his desire for Fanatics to enter into the U.S. sports betting market. In late 2021, Fanatics submitted a bid to the New York Gaming Commission for an online sports betting operator license. Fanatics Sportsbook was listed as a platform operator alongside Penn National Gaming and Kambi for one of the available New York online sports betting licenses, but did not make the final round of bid packages in the state.
The company brought in some heavy hitters to try and sway New York for a license. Jay-Z, aka Shawn Carter, was officially listed as Vice Chairman of Fanatics Sportsbook in the group’s bid for a license.
Most recently, this past May the company applied for the trademark “BETFANATICS” with the U.S. Patent and Trademark Office on May 17. In the filing, the company notes the trademark will apply to all online and retail sports betting applications.
“BETFANATICS” will apply to “downloadable mobile applications for betting and gaming; downloadable mobile applications for use in fantasy sports league, namely, mobile applications for managing and participating in fantasy sports league.”
According to the trademark application, it can also apply to retail sports betting facilities in casinos.