Fanatics Sportsbook Continues Blitz With New York Launch

Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings Inc. and one of the best sportsbooks has been on a Sportsbook launch roll, adding to it with Thursday's opening in the New York sports betting market.

Fanatics New York launch is the latest in the company's takeover of PointsBet's U.S. entities. Fanatics purchased PointsBet this past summer for $225 million and has been busy installing its sports betting brand and online betting sites in the states where PointsBet previously had a presence. Regulatory approval in the New York market came in October, and since then "PointsBet, A Fanatics Experience" has been active in the New York market.

The newest New York sports betting app is now available for download on iOS and Android. Those who previously held a PointsBet New York account will have their email, customer's username, password, account balances, open bets, bonus bets, and reward balance automatically transferred to their new Fanatics Sportsbook app once it has been downloaded.

The New York market

The New York legal sports betting market, which features New York sportsbook promos, is by far the biggest and most successful in the booming U.S. scene. The state finished off 2023 with three consecutive $2 billion monthly handles. Those three months produced at least $151 million per month in gross gaming revenues for the state's providers.

The state eclipsed the $3 billion lifetime revenue mark for New York sports betting sites and the best sports betting apps in January, becoming only the second state other than New Jersey to hit that milestone. 

Getting in on the New York market was a major goal realized for Fanatics. Taking over from a middling PointsBet brand in a mature New York market could be a challenge, however.

15 states and counting

Fanatics Sportsbook's launch in New York on Thursday marks the 15th state for the brand. Fanatics has gone live in four states just this month - Iowa on Feb. 6, Michigan last Thursday, Indiana on Monday, and now New York.

March 11 will see Fanatics - which is among the best North Carolina sports betting apps -  join the North Carolina sports betting scene, one of the most exciting new markets.

Fanatics is a name that should be in on any new market joining the growing U.S. legal sports betting family. It's also expected to apply for up-for-grabs licenses in jurisdictions that are looking to fill out their legal sports roster.

The Fanatics factor

Fanatics has been and will continue to be one of the most popular online sports apparel companies in the world. It boasts an enormous customer database, and the company hopes to convert a percentage of that audience to its sports betting product. Brand recognition is a key for its success moving forward.

An industry-best Rewards Program "FanCash" will also come with Fanatics Sportsbook to the New York market. Customers can earn up to 5% cash back to use for bonus bets or Fanatics merchandise in their renowned online store. Fanatics Sportsbook is the only New York sports betting site that offers 5%.

It remains to be seen just how effective Fanatics will be in luring sports bettors away from the biggest names on the U.S. legal sports betting scene, which includes FanDuel, DraftKings, BetMGM, Caesars and the other top names in the U.S. market.

But the company is making good on its promise to maintain a broad presence in the American legal sports betting market. All eyes will be on the company's February performance in the four markets it's launched in over the last few weeks.

There will also be a focus put on Fanatics Sportsbook's performance during the March Madness tournament which, in theory, should provide a boon for the sports betting brand.