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The Maryland Lottery and Gaming Control Commission has awarded Fanatics, the sports merchandising company, a mobile sports wagering license in a significant effort to expand its operations nationwide. According to CEO Matt King, Fanatics Sportsbook, the company’s gambling arm, hopes to build a strong presence in at least 15 states before the start of the 2023 NFL season.
Fanatics Sportsbook successfully completed a controlled demonstration of their mobile sports wagering technology on May 30. Customers actively participated in live wagering during this event, while Maryland Lottery and Gaming employees guaranteed compliance with all essential processes and the proper operation of the systems.
Since January, Fanatics has operated a brick-and-mortar sportsbook at FedEx Field in Maryland. On May 25, the business began accepting bets in Massachusetts and debuted test versions of its mobile sportsbook in Ohio and Tennessee. These initiatives, however, are only the beginning of Fanatics’ goals for growth.
Fanatics revealed earlier this month that it had purchased PointsBet’s US business for $150 million. This smart move allows Fanatics to enter a dozen states, including Maryland. Fanatics’ entry into the iGaming and sports betting markets marks a significant departure for the company, which is best known as a supplier of legally licensed sports gear. Fanatics was valued at $31 billion in private markets as of December 2021.
With the issuance of the mobile sports wagering license, Fanatics becomes Maryland’s tenth mobile sportsbook. Barstool Sportsbook, Betfred Sportsbook, BetMGM, BetRivers, Caesars Sportsbook, DraftKings, FanDuel, PointsBet, and SuperBook are among the other well-known brands. Notably, Fanatics’ entry into the market is expected to result in the closing of PointsBet’s Maryland operations later this year.
In addition to mobile sportsbooks, Maryland has ten retail sports betting locations. Bingo World in Brooklyn Park, Greenmount Station in Hampstead, Hollywood Casino in Perryville, Horseshoe Casino in Baltimore, Live! Casino in Hanover, Long Shot’s in Frederick, Maryland Stadium Sub at FedEx Field in Landover, MGM National Harbour in Oxon Hill, Ocean Downs Casino in Berlin, and Riverboat on the Potomac in Charles County are among the popular venues.
Maryland has seen tremendous benefits from the legalization of sports betting. In April alone, the state’s sportsbooks took in more than $328.4 million in total handling and contributed over $3.9 million to the Blueprint for Maryland’s Future Fund, which supports public education.