Sports Betting App Released by Fanatics in Four States.
After completing a six-month trial period, the Fanatics sports betting app is now accessible to wagerers in Maryland, Massachusetts, Ohio, and Tennessee. The Fanatics Sportsbook can be downloaded onto mobile devices using the Android and iOS operating systems.
The timing is significant considering that the 2023 college football season begins in just 10 days, followed by the NFL campaign starting on September 7. Football is the most popular sport for wagering in the United States, with each of these states hosting NFL teams and prominent college teams in the cases of Ohio and Tennessee.
Fanatics Sportsbook is designed to cater to sports fans by offering a rapid signup process, easy betting options, transparent withdrawal procedures, a sophisticated search system, and a dedicated Discover page with the relevant sports and bets for individual customers. Users can find live scores, along with lines and odds for their favorite teams and athletes on the app. The app supports various types of bets such as moneyline, spread bets, over-unders, player props, live in-game betting, and popular Same Game Parlays (SGPs).
SGPs have proved popular with novice bettors and have contributed to higher hold and profitability for Fanatics' competitors including FanDuel and DraftKings. Despite being essentially lottery ticket bets, these wagers are well-liked by inexperienced bettors hoping for large payouts on small investments.
Fanatics had earlier announced it aimed to launch mobile sports wagering in at least a dozen, and up to 15, states by the start of the 2023 NFL season. Although the most recent press release didn't mention this goal, it did offer an update on the $225 million acquisition of PointsBet US. This transaction, slated to close this month, is crucial to increasing Fanatics' sports betting presence at a state level.
"With Fanatics Betting and Gaming's recent acquisition of the US businesses of PointsBet and its proprietary Banach Technology, the Fanatics Sportsbook will incorporate the top components of the PointsBet tech platform to beef up its sports betting engine," the statement confirmed. "The Fanatics Sportsbook will also make use of PointsBet's quantitative-driven trading models from Banach Technology in its state-of-the-art risk and trading platform."
Banach Technology is an Irish firm specializing in technology for providing live betting and SGPs. PointsBet snapped it up in 2021 for $43 million and it is considered a key asset for Fanatics.
Fanatics' rewards program, FanCash, will function differently, as it doesn't manage land-based casinos. However, its apparel business will be the basis for the FanCash loyalty program.
Punters earn FanCash at the rate of 1% for straight bets, 3% for traditional parlays, and 5% for SGPs. FanCash can be converted into Bonus Bets and used to purchase merchandise at Fanatics.com. The operator failed to mention any relations between FanCash and Fanatics' collectibles division, which includes the renowned Topps brand.
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Source: www.casino.org
