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Enthusiasts in Negotiations to Purchase BetParx Sportsbook

Sports enthusiasts have expressed intentions to purchase the sports wagering company, yet the transaction remains a work in progress.

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Sports enthusiasts have agreed in principle to purchase the gambling brand centered around sports,...
Sports enthusiasts have agreed in principle to purchase the gambling brand centered around sports, yet the agreement remains unfinalized.

Enthusiasts in Negotiations to Purchase BetParx Sportsbook

Grabbing a Piece of the Action:

American sports merchandise giant, Fanatics, seems to be eying a slice of the sports betting pie. According to unnamed sources, Fanatics has signed a letter of intent to acquire BetParx, a sportsbook currently operating in several states. However, the price and the final agreement are yet to be determined.

Striking a Deal: A Matter of Timing

In an exclusive report by CNBC, people with knowledge of the matter stated that Fanatics is in talks to buy BetParx, but caution that the discussions might not result in an agreement. Since these individuals are not authorized to discuss the issue publicly, they choose to remain anonymous.

BetParx is a subsidiary of Greenwood Gaming & Entertainment and is live in Maryland, Michigan, New Jersey, Ohio, and Pennsylvania. It's unclear if the acquisition talks encompass BetParx’s online casino as well.

Fanatics has long harbored a desire to dive into the sports vertical, and this potential acquisition is part of their ambitious strategic plans. Over the past year, the e-commerce titan has been in discussions with numerous US-based and international brands, including Tipico, with the aim of acquiring a sportsbook brand.

The Busy Executive's Vision

Fanatics CEO, Michael Rubin, shared his ambitious vision during the CAA World Congress of Sports in October 2022. He expressed hope that within the next NFL season, Fanatics would be actively engaging in sports wagering in at least 15 states.

Recently, Fanatics Holdings, Fanatics Betting and Gaming's parent company, reiterated its plans for its betting business to go live in multiple states during the first business quarter of the year. Alongside Massachusetts, Ohio and Maryland were also highlighted as the first states to launch.

Stepping into Retail

While details about the mobile sportsbook are yet to surface, Fanatics made a significant move by opening its first retail sportsbook at the Washington Commanders' stadium, making it the first sportsbook within an NFL stadium.

Last week, the Massachusetts Gaming Commission (MGC) voted unanimously to grant Fanatics preliminary suitability for a Category 3 license in Massachusetts, where Fanatics has market access via Penn National's Plainridge Park Casino.

Preparing for the Big Leagues

In preparation for its debut in the sports betting arena, Fanatics has bolstered its betting division. Key appointments include Andrea Ellis as Chief Financial Officer, bringing her expertise in technology, products, and operations, and Andrew Kleiman as Vice President of Retail Operations. As seen with its 2021 acquisitions of Topps for collectibles and clothing brand Mitchell & Ness, Fanatics is known to grow through strategic acquisitions.

  1. Fanatics, the American sports merchandise giant, is in talks to acquire BetParx, a sportsbook currently operating in several states, as reported by unnamed sources.
  2. BetParx, a subsidiary of Greenwood Gaming & Entertainment, is live in Maryland, Michigan, New Jersey, Ohio, and Pennsylvania, and it's uncertain if the acquisition talks include BetParx’s online casino as well.
  3. Fanatics CEO, Michael Rubin, expressed his ambitions during the CAA World Congress of Sports in October 2022, hoping that within the next NFL season, Fanatics would be actively engaging in sports wagering in at least 15 states.
  4. Recently, Fanatics made a significant move by opening its first retail sportsbook at the Washington Commanders' stadium, marking it as the first sportsbook within an NFL stadium.
  5. In preparation for its debut in the sports betting arena, Fanatics has bolstered its betting division with key appointments such as Andrea Ellis as Chief Financial Officer and Andrew Kleiman as Vice President of Retail Operations, demonstrating Fanatics' strategy of growing through strategic acquisitions, as seen with its 2021 acquisitions of Topps for collectibles and clothing brand Mitchell & Ness.

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