Fanatics in discussions to acquire sportsbook BetParx
It has been widely touted that Fanatics, the licensed sports merchandise brand, has been angling to enter the sports betting industry.
According to CNBC News, Fanatics is allegedly in talks to acquire the sportsbook BetParx.
It is understood that the acquisition hasn’t been agreed yet, although a letter of intent has been signed by Fanatics – firmly signalling its intent.
A process seemingly still in its early stages, it is believed a price agreement for BetParx has yet to be reached.
The BetParx sportsbook app was only launched last year by Greenwood Gaming & Entertainment. The company is more traditionally known for owning the Parx Casino in Pennsylvania and supplier Playtech.
Currently, the BetParx app is available in New Jersey, Pennsylvania, Maryland, Michigan and Ohio.
Fanatics had been expected to release an initial public offering but had been looking to secure an acquisition in the gambling space beforehand.
It will be well on the way to fulfilling this plan should the acquisition of BetParx from Greenwood Gaming & Entertainment be completed.
Should Fanatics follow through with its sports betting plans, it will instantly enter a highly competitive marketplace. Sports betting in the US is largely dominated by fantasy sports operators, with FanDuel and DraftKings dominating the market.
The rest of the US sports betting industry is largely made up of legacy land-based casino operators who established sportsbook apps – the likes of MGM Resorts, Caesars and Wynn Resorts, for example.
Although excitement may be growing over Fanatics’ potential acquisition, it’s worth remembering that the company had been in talks to acquire the gambling operator Tipico in 2021, a deal that never came to pass.
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