Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings Inc., successfully launched its sports betting platform in Colorado on Monday, marking the eighth state in the operator’s expanding portfolio.
The official debut of Fanatics Sportsbook in Colorado signifies the replacement of PointsBet, following the acquisition of the company’s U.S. business by Fanatics over the summer.
PointsBet customers in Colorado can now access the new Fanatics app using their existing PointsBet usernames and passwords. Account balances, rewards, and responsible gaming settings have been automatically transferred as part of the migration process.
Launching in Colorado is one of the highlights of the PointsBet acquisition for Fanatics. The state ranks sixth in handle since the overturning of the Professional and Amateur Sports Protection Act in 2018 and currently boasts 19 sportsbooks with provisions for up to 30 licenses. While DraftKings and FanDuel dominate the market share, PointsBet had established a substantial user base, now accessible to Fanatics.
In addition to assuming control of the PointsBet Sportsbook, Fanatics will also take over the partnership with Kroenke Sports & Entertainment. This partnership grants Fanatics the opportunity to feature signage at the Ball Arena, home to the Denver Nuggets and Colorado Avalanche.
Colorado becomes the eighth state where Fanatics Sportsbook is now operational, joining Kentucky, Maryland, Massachusetts, Ohio, Tennessee, Virginia, and West Virginia. Furthermore, a recent partnership with the Connecticut State Corporation is slated for a mid-December launch.
The acquisition of PointsBet aligns with Fanatics’ strategy to swiftly penetrate markets, seeking to position itself as a significant player in the competitive sports betting industry. Despite a last-minute bid from DraftKings attempting to block the deal, Fanatics secured the takeover earlier in the year, kickstarting its growth efforts.
Fanatics, known for its prominence in sports apparel and memorabilia, entered the gaming industry in 2021. Iowa, Kansas, New Jersey, and Pennsylvania are yet to see the transition of operating licenses from PointsBet to Fanatics.
Fanatics enters the Colorado sports betting arena, aiming to gain market share amidst formidable competition in a crowded space. ESPN BET also recently went live in Colorado following the migration from PENN Entertainment’s former entity, Barstool Sportsbook.
Recent data from Colorado’s Department of Revenue indicates a September handle of $512.7 million and tax revenue of $3.1 million for the month, underscoring the dynamic nature of the state’s sports betting market.