Fanatics is attempting to boost its online sports betting capabilities by pursuing an acquisition of betPARX sportsbook, according to reports.
As first reported by CNBC, the merchandising company, which has in recent months expanded into the betting and gaming space, has entered talks to acquire betPARX from Greenwood Gaming & Entertainment.
Reports detail that leadership has sent a letter of intent to buy the sportsbook from the parent company of Parx Casino, but an agreement is yet to be reached and any such agreement is not guaranteed.
Any such deal would give significant market access, given that betPARX is live in Maryland, Michigan, New Jersey, Ohio, and Pennsylvania.
Fanatics opens retail sportsbook
The reports emerged just as the merch company opened its first retail sportsbook location in partnership with the Washington Commanders.
The Fanatics Sportsbook at FedExField is the company’s first venture in sports betting and marks the first retail sportsbook to open in an NFL Stadium.
“We are excited to bring the Fanatics Sportsbook to Maryland at FedExField. Our first retail location, with adjacency to the Commanders Team store, is a physical representation of what Fanatics will deliver to sports fans all over North America,” said Ari Borod, Chief Business Officer.
“We are rolling out our platform first at retail and we will have more exciting news to share in the coming months as we bring to market new mobile technology designed to improve the betting experience for sports fans.”
Gaining market access via the Commanders, the firm’s sportsbook has 5,000 square feet of space with eight betting windows, 21 self-service kiosks, two LED video walls and 38 TV monitors.
“When our journey began over two years ago, we knew we had to reinvigorate the guest experience at FedExField and open the campus to the community. Today is a special moment in realizing that vision as we open this innovative sportsbook, operating seven days a week for sports fans throughout our community,” said Washington Commanders Team President Jason Wright.
“We owe a debt of gratitude to Former Governor Hogan, the Maryland Lottery and Gaming Control Agency, and numerous other elected leaders who supported our vision of an equity framework that will ensure minority participation in this venture; allowing us to do right by the community and the fans at the same time.”
Launching in MA
Now debuting its sports betting credentials, Fanatics seeks to launch a mobile sports betting app and is reportedly using a betPARX acquisition as a driver for that.
One thing is certain, though – and that is that the firm will enter the online sports betting market in Massachusetts after it was named as one of the operators approved to launch when the state goes live in March.
With around five weeks to go until the beginning of March, it is unclear, and perhaps, unlikely that any deal with betPARX would be agreed or completed in that time, but Fanatics’ intentions seem clear.
The firm was also mooted to be interested in German-based operator Tipico last year.
