Fanatics Sportsbook up and running in Wyoming

Fanatics Sportsbook up and running in Wyoming
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Fanatics Sportsbook has continued its expansion across the U.S. by launching in Wyoming.

Fanatics confirmed that, as of May 29, its sports betting platform is live in the state, which is its 21st state of operation. Fanatics says it is now accessible to around 95% of the nation’s addressable online sports bettor market.

It continues the brand’s sweeping expansion in 2024. Including states in which it has replaced PointsBet after completing its $225 million acquisition of that company’s U.S. operations, Fanatics has launched in the likes of Michigan, Indiana, New York, Kansas, Arizona and Illinois since the start of the year.

Fanatics completed its acquisition of PointsBet in Wyoming last October, the same time it also did so in New York.

Fanatics Betting and Gaming CEO Matt King said earlier this spring that the acquisition of PointsBet US has “super-charged our expansion plans.”

Wyoming users will benefit from features including FanCash. Fanatics cross-pollinates between its sports betting operations and its apparel and merchandise business by offering up to 5% FanCash back on bets, win or lose, that can be redeemed in the sports betting app or on merch.

Wyoming legalized sports betting in September 2021 and is the least-populated state to launch sports wagering so far. DraftKings is the market share leader in the state and FanDuelBetMGM and Caesars are also already operational there. ESPN Bet has been licensed for entry.

At the latest count, Wyoming’s overall handle from its first four operators is up 29% in 2024 compared to the first four months of 2023. Gross revenue has risen 35% year over year.

Wyoming follows New Jersey takeover

Wyoming is Fanatics Sportsbook’s second new state in May after it went live in New Jersey at the start of the month. The Garden State was the final market in which Fanatics replaced PointsBet.

New Jersey is also a particularly unique market for Fanatics as PointsBet had an unusual level of success in the state. New Jersey’s latest gaming revenue report released in mid-May showed that PointsBet was the second-highest-grossing operator behind FanDuel, beating DraftKings for a second successive month.

PointsBet earned $32.9 million in gross gaming revenue in New Jersey in April, almost as much as DraftKings did in March and April combined ($36.5 million). Its year-to-date revenue was at $88 million as of the end of April, third among all sportsbooks and far ahead of BetMGM in fourth.

Wyoming rejects online casino

While another sportsbook is live in Wyoming, online casino won’t be joining sports betting in the state any time soon.

Wyoming lawmakers had hoped to add online casino wagering to the state’s gaming market.

House Bill 120 to authorize iGaming was introduced in February. It proposed allowing up to five online gaming licenses, to be awarded and regulated by the state’s Gaming Commission. Revenue from wagering statewide would be taxed at 10%.

However, it was swiftly voted in a short legislative session just over a week after being introduced. The issue could be raised again next year in a longer session and could go straight to committee for a hearing without a floor vote.