Fanatics, the apparel giant, has been making significant gains in the US online sports betting market, showing potential for long-term success. After acquiring PointsBet US in a $225 million deal in 2023, Fanatics entered the North American online sports wagering space. Despite PointsBet’s initial struggles, Fanatics has managed to increase its market share to 4.8% by the end of October, up from less than half a percent a year prior.
One of the key factors driving Fanatics’ success in the sports betting industry is its focus on technology and customer acquisition. By targeting high-end bettors and improving its app offerings, including promotions, cash-out options, and VIP programs, Fanatics has been able to attract and retain customers effectively. This strategy has allowed the operator to make significant progress, even in competitive markets like New York, where it ranked fifth in online sports betting market share.
While Fanatics still has a long way to go to compete with industry leaders like FanDuel and DraftKings, the company’s recent progress is evident. With effective promotional spending and a focus on customer value, Fanatics is positioning itself as a challenger brand capable of disrupting the US sports betting duopoly. The addition of Missouri to its list of states offering mobile sports betting next year further demonstrates Fanatics’ growth potential in the industry.
Overall, Fanatics’ success in the US online sports betting market showcases the company’s commitment to innovation, customer engagement, and strategic growth. As the industry continues to evolve, Fanatics is poised to become a major player in the competitive sports betting landscape, challenging established leaders and reshaping the future of online wagering in the United States.
