Zinger Key Points
- Fanatics launched the rebrand of the PointsBet sportsbook in Pennsylvania.
- A leader in sports apparel and trading cards, Fanatics is growing its sports betting operations.
- Discover Fast-Growing Stocks Every Month
A sportsbook launched in Pennsylvania, is adding to the number of states it operates in as it looks to expand operations across the United States.
What Happened: Fanatics Sportsbook launched in the state of Pennsylvania Monday, a move that coincides with the acquisition of the PointsBet brand in the United States.
Existing PointsBet accounts were migrated over to the Fanatics Sportsbook in Pennsylvania, which marks the largest migration state for Fanatics to date.
Fanatics Sportsbook launched on iOS and Android for the state Monday, with Fanatics Casino part of the app.
Among the offerings for users of the Fanatics Sportsbook is FanCash, which gives customers up to 5% of their wagers back in FanCash bonuses, which can be used on Bonus Bet or at Fanatics.com.
The Fanatics Sportsbook also features BetVision live sports streaming for select football games through a partnership with Genius Sports GENI.
The Pennsylvania launch also includes the company's evolved live casino games. Casino customers can also earn FanCash on slots and table games.
Coinciding with the launch of the sportsbook in Pennsylvania was one of the most anticipated NBA games of the season, with the Philadelphia 76ers facing off against the San Antonio Spurs. While the 76ers were heavy favorites in the contest, the game featured a battle of big men, with Joel Embiid (76ers) and number one overall pick Victor Wembanyama (Spurs).
In the game won by the 76ers, Embiid posted the better stat line with 70 points and 18 rebounds, compared to 33 points and 7 rebounds for Wembanyama.
Embiid broke a franchise record with 70 points, surpassing the great Wilt Chamberlain (68) and became the first player in NBA history to have 70 points, 15 rebounds and 5 assists in a game with a stat line of 70, 18 and 5.
The first bet placed with Fanatics Sportsbook in Pennsylvania was coincidentally a same game parlay featuring Embiid 34.5 points, Embiid 13.5 rebounds, Wembanyama 24.5 points and Wembanyama 9.5 rebounds. The $5 same game parlay fell just shy with the rebounds total of Wembanyama.
Related Link: Benzinga Names Fanatics A ‘Challenger’ Award Recipient At Inaugural Titans Sports Betting Event
Why It's Important: Pennsylvania was the 11th state for the Fanatics Sportsbook and the second state for Fanatics Casino. Fanatics sports betting is currently offered in Colorado, Connecticut, Kentucky, Maryland, Massachusetts, Ohio, Pennsylvania, Tennessee, Vermont, Virginia and West Virginia. Fanatics Casino is available in Pennsylvania and West Virginia.
Pennsylvania is one of the largest legalized sports betting states, with $25.65 billion in lifetime betting handle, ranking fifth all-time.
The state had $925.6 million in betting handle in December, which was up 22% year-over-year and came after records were set in October and November. The state record set in November was $934.1 million.
The largest players in the state in December were:
- FanDuel, a unit of Flutter Entertainment PDYPY: $394.38 million
- DraftKings Inc DKNG: $235.75 million
- ESPN Bet, a unit of PENN Entertainment PENN: $82.6 million
- BetMGM, a joint venture of MGM Resorts International MGM and Entain: $52.02 million
- Caesars Entertainment CZR: $40.96 million
PointsBet, which is migrating to Fanatics, ranked ninth in Pennsylvania for November with $12.49 million in betting handle.
One potential positive for Fanatics launch could be the early success of the rebrand of Barstool Sportsbook to ESPN Bet in Pennsylvania. ESPN Bet ranked third for December with 7% market share and $82.6 million, which was an improvement from 6th place and 3.8% market share in November. ESPN Bet saw less profits with $8 million in promotional credits spent for December, so the next few months could be a tell on how well the platform can do without the initial launch fanfare.
The success of the 76ers, who rank third in the Eastern Conference and are a favorite for the NBA Championship, along with Embiid the favorite to win the NBA MVP, could help lead to higher betting in Pennsylvania during the NBA season.
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Photo: Fanatics
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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