Fanatics Virginia launch marks just the latest expansion for one of the most serious challengers to the online sports betting market.
Fanatics Sportsbook’s Virginia launch marks just the latest expansion for one of the most serious challengers to enter the US online sports betting market.
Bettors in the state can now download the Fanatics Sportsbook app on both iOS and Android.
The launch follows on from Fanatics kick-off in West Virginia last week, which saw the business debut its integrated iGaming app.
Fanatics received its market access in the state from a partnership with the Colonial Downs Racetrack. The tethered licence was first awarded to PointsBet in November 2021.
The licence, following necessary regulatory approvals, transferred to Fanatics following the closing of the $225m acquisition of PointsBet’s US business in October.
Through the deal Fanatics gained market access to 14 states, with New York, Michigan, New Jersey, Arizona, Colorado, Illinois, Wyoming, Indiana, Iowa, Kansas, Pennsylvania and Louisiana still to open.
The PointsBet deal was nearly torpedoed in June when DraftKings announced it was making a $195m all-cash offer for the business, an increase on Fanatics’ original $150m bid.
However, DraftKings said it would no longer pursue the acquisition after Fanatics opted to raise its offer.
Former PointsBet users can migrate their accounts, including their account balance and responsible gaming settings, to the new platform.
US competition heats up in H2 2023
After a round of market exits this year, new entrants have made inroads into the US sports betting market in a sign that competition could be heating up.
Backed by sports apparel giant Fanatics and led by former FanDuel chief Matt King, the sportsbook has expressed in the past its intention attain a serious market share.
The other big new challenger to the scene is Penn Entertainment’s ESPN Bet, which is hoping to capitalise on the most popular sports media brand in the US.
UK-based bookmaker bet365 is also highlighted as a potential challenger. The operator this week launched in Louisiana and secured a sportsbook partnership with the Charlotte Hornets in North Carolina.
“Celebrated for its passionate culture and festive spirit, we are thrilled to bring bet365 to Louisiana,” said a bet365 spokesperson.