Fanatics is reportedly in talks to acquire the BetParx sportsbook as it continues to expand its reach in the sports wagering industry. With a high valuation of $31 billion, the sports apparel retailer has been open with its intentions to acquire more sportsbooks and build a stronger presence in an increasingly competitive space.
Although an official letter of intent has been signed between both parties, the deal may still not be sealed due to other factors being yet undisclosed, and only time will tell if the acquisition comes to fruition. Representatives for both companies have decided not to comment on the speculation.
BetParx Sportsbook In Ohio
Last year marked a major milestone for Ohio sports betting as the BetParx sportsbook app was launched. The platform is available in Ohio, along with several other states such as Pennsylvania and New Jersey, and is a subsidiary of Greenwood Gaming and Entertainment.
BetParx has created an app that allows Ohioans to access popular sports betting markets from the comfort of their own home conveniently and securely. By doing this, they have broadened Ohio’s reach within the US online gambling market significantly. With BetParx now integrated into Ohio’s online gaming infrastructure, there has never been a better time to get in on all of the fun.
Fanatics Considered An Initial Public Offering
Fanatics has held plans to enter the public market open, but it is also actively looking for opportunities in the gambling arena before initiating an Initial Public Offering (IPO). Rumors suggest the company has been actively negotiating with operator Tipico since last year.
However, Fanatics would be entering a difficult sector with many players trying to gain traction. MaximBet and Fubo Sportsbook have already seen their dreams slip away and had to cease operations owing to an inflexible setup struggling in the ever-busy market space.
Fanatics Sportsbook At Fedexfield
Fanatics’ forward-thinking approach in the world of sports betting shows no signs of slowing down. Last week, it opened its Fanatics Sportsbook at FedExField, the stadium of the Washington Commanders, making it the first sportsbook to open within an NFL stadium in the United States.
In addition, the company received a temporary license to operate in Massachusetts and has plans to partner with Plainridge Park Casino, owned by Penn National. To fuel these plans and more, Fanatics raised a whopping $700 million in the capital late last year, helping to bring its estimated value up to $31 billion. Fanatics has emerged as an important player in the rapidly expanding sports betting market.