The New York State Gaming Commission held a meeting on Monday and the prospect of Fanatics Sportsbook came up. Fanatics is acquiring PointsBet and aims to claim PointsBet’s New York sports betting license in the process. According to Chairman Brian O’Dwyer, Fanatics targets a NY launch in time for the 2023 NFL season.
The commission has made it clear that Fanatics would still need to be reviewed and gain commission approval before launching.
Fanatics Sets Sights On New York Market
Fanatics initially failed to gain a New York betting license in 2021. Since then, Fanatics Sportsbook has officially begun accepting wagers in select markets. All while a full launch is still on the horizon. The PointsBet acquisition would grant Fanatics market access to several markets, including New York. The Empire State is reportedly part of Fanatics Sportsbook’s plans.
“Published reports indicate they have a goal of the start of the upcoming NFL season for Fanatics to assume control of the PointsBet entity, with PointsBet anticipating a shareholder vote on the deal in late June,” O’Dwyer said.
The commission still plans to examine Fanatics’ application thoroughly before granting any licenses. Staff members have already begun working with the sports betting company ahead of any licensing considerations. This includes pre-ownership requirements and licensing documentation.
The PointsBet acquisition is expected to be completed in the upcoming months. If Fanatics can complete the deal and earn its NY license, the NFL season target could be a realistic timeline for a launch in the Big Apple.
Next Steps For The Fanatics PointsBet Acquisition
Fanatics may begin acquiring assets from PointsBet as early as August 2023. This means PointsBet’s operation in some markets will begin converting to Fanatics Sportsbook. The acquisition will see the entire U.S. operation of PointsBet transferred to Fanatics Betting and Gaming by May 2024. PointsBet will maintain its Australian business.
Fanatics will also likely have a full launch secured before they begin transferring PointsBet operations. Currently, Fanatics Sportsbook is running an extended beta across Ohio and Tennessee with Massachusetts targeted as the next market for launch. Only Fanatics customers with an entry code have access to odds.
The acquisition could see Fanatics move quicker with its release strategy as more markets will be at their disposal.
