Fanatics Sportsbook Partners with NHL Hurricanes in North Carolina
Fanatics Sportsbook and the NHL's North Carolina Hurricanes announced details this week of a partnership seeking a sports betting license in the Tar Heel State.
North Carolina's sports betting law, signed by Gov. Roy Cooper (D) last year, requires sports betting applicants to apply jointly with one of the state's professional sports venues, venues or leagues. Fanatics has reached an agreement with PNC Arena, home of the Hurricanes.
The Hurricanes are pleased to welcome Fanatics as our official sportsbook partner," said Hurricanes President and General Manager Don Waddell."Fanatics Sportsbook will provide North Carolinians with a user-friendly experience that allows them to act responsibly sports betting and we are proud to partner with them to make this happen. "
The North Carolina Lottery Commission is reviewing the first batch of seven sports betting applications. In addition to Fanatics, participating sportsbook providers include DraftKings in partnership with NASCAR, FanDuel in partnership with Sedgefield Country Club, BetMGM in partnership with Charlotte Motor Speedway, ESPN Bet in partnership with Quail Hollow Golf Club and bet365 in partnership with Spectrum Center. A seventh applicant, Underdog Sports, has yet to announce a partnership.
Start in March
North Carolina sports betting law requires sportsbooks to begin operations by June 15, 2024. However, state officials strongly encourage the Lottery Commission to expedite its review of applications and finalize current rules in time for the March Madness NCAA Basketball Tournament.
North Carolina may be the most college basketball-obsessed state in the country, with the North Carolina Tar Heels and Duke Blue Devils igniting the passion. This year, the program ranked 7th and 12th nationally.
Fanatics Sportsbook is a sportsbook owned by an American licensed sportswear manufacturer and online retailer. Fanatics sells licensed apparel from Duke University and North Carolina through university licensing agreements.
As for its promising sports betting operations in North Carolina, Fanatics said it will operate an online book and retail sportsbook at PNC Arena. The live sportsbook "provides activities for hockey fans and numerous other opportunities for Hurricanes fans and ticket holders to interact with the sportsbook," the company said.
Growth of Fanatics
Nearly six years after the U.S. Supreme Court gave states the right to set sports betting laws, fantasy sports-turned-sportsbooks DraftKings and FanDuel have emerged as market leaders. The two companies control about 75% of the U.S. sports betting industry.
Their stronghold has led to the failure of several sports betting startups. Well-known companies such as WynnBet, Fox Bet, and MaximBet have reduced operations or dissolved entirely.
Companies still working to grow market share and take advantage of DraftKings and FanDuel include BetMGM, Caesars Sportsbook, ESPN Bet and BetRivers. Fanatics is also expanding its sports betting footprint.
Fanatics Sportsbook currently operates in 10 states: Colorado, Connecticut, Kentucky, Massachusetts, Maryland, Ohio, Tennessee, Vermont, Virginia and West Virginia. The company's sports betting arm expanded rapidly last year after it acquired PointsBet for $225 million in cash.
Fanatics CEO Michael Rubin wants Fanatics to become "the Amazon of sports."
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Source: www.casino.org
