By TheNuts - Aug 16, 2023
Fanatics Sportsbook Goes Live
Fanatics Sportsbook is advancing while other American online sportsbooks are losing ground. Following six months of beta testing, the business declared on Wednesday that it has officially launched its platform in Maryland, Massachusetts, Ohio, and Tennessee.
According to a news release from Scot McClintic, Chief Product Officer of Fanatics Betting and Gaming, "We are laser focused on solving pain points facing customers by offering a faster, easier, and more rewarding sports betting experience." "We now have the chance to redefine a customer's expectation of what a sportsbook should be thanks to the strategic patience to build a product for the long-term."
The sportsbook software was "built natively on iOS and Android," which indicates that it was uniquely built for each operating system instead than being ported from another platform, is one major selling point made by Fanatics. According to the business, by doing this, its app will operate more effectively than the majority of those that weren't created expressly for iOS and/or Android.
Although Fanatics has a long way to go before it can overtake US market leaders FanDuel and DraftKings (and may never, if it even has that as a goal), doing so three weeks prior to the start of the NFL season is crucial because it gives users a chance to sign up, deposit money, and test out the system before the lucrative (for sportsbooks) season begins.
Additionally, it gives Fanatics an advantage over ESPN Bet, a new project developed through a collaboration between PENN Entertainment and ESPN. The beginning of the football season won't see ESPN Bet ready. When ESPN Bet starts, one may assume that the ESPN brand will continue to offer it a competitive advantage and a big boost, but Fanatics' first-mover advantage in the four states, at least when compared to ESPN Bet, should undoubtedly aid what might be viewed as the underdog.
By the end of the month, Fanatics plans to complete the $225 million acquisition of PointsBet's US operations. This will expand Fanatics' reach into a further dozen states, including New York, Pennsylvania, and Michigan.
The PointsBet U.S. operations and its unique Banach Technology were recently acquired by Fanatics Betting and Gaming. As a result, the company said on Wednesday, "Fanatics Sportsbook will integrate the best parts of the PointsBet tech platform to supercharge its sports betting engine." In its brand-new cutting-edge risk and trading platform, The Fanatics Sportsbook will also use PointsBet's quantitative driven trading models from Banach Technology.
Fanatics also gave a glimpse of its rewards program, which includes "FanCash" points. Customers receive FanCash for 1% of their straight wagers, 3% of their parlay wagers, and 5% of their same-game parlays. The company's main product, team goods, can subsequently be bought with FanCash on the Fanatics website or exchanged for bonus bets.