Fanatics Sportsbook and NHL Hurricanes Partner in North Carolina
Posted on: January 11, 2024, 10:09h.
Last updated on: January 11, 2024, 11:08h.
Fanatics Sportsbook and the NHL’s North Carolina Hurricanes this week provided details on their 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 sportsbook applicants to apply in partnership with one of the state’s professional sports stadiums, venues, or leagues. Fanatics struck an agreement with PNC Arena, home of the Hurricanes.
The Hurricanes are thrilled to welcome Fanatics as our Official Sports Betting Partner,” said Hurricanes President and General Manager Don Waddell. “Fanatics Sportsbook will bring a user-friendly experience for North Carolinians to wager on sports responsibly, and we’re proud to partner with them on this endeavor.”
The North Carolina State Lottery Commission is reviewing an initial batch of seven sports betting applications. Along with Fanatics, the applying sportsbooks include DraftKings with NASCAR, FanDuel with Sedgefield Country Club, BetMGM with Charlotte Motor Speedway, ESPN Bet with Quail Hollow Golf Club, and bet365 with Spectrum Center. A seventh applicant, Underdog Sports, has yet to reveal its partnership.
March Launch
North Carolina’s sports betting law requires sportsbooks to commence operations by June 15, 2024. State officials, however, have strongly encouraged the lottery commission to expedite their review of the applications and finalize governing rules in time for the March Madness NCAA basketball tournament.
North Carolina is perhaps the most college basketball-obsessed state in the nation, with its North Carolina Tar Heels and Duke Blue Devils fueling the passion. This year, the programs are respectively ranked No. 7 and No. 12 in the nation.
Fanatics Sportsbook is the sports betting entity of the American manufacturer and online retailer of licensed sportswear. Fanatics sells licensed Duke and North Carolina apparel through university licensing agreements.
As for its hopeful sports betting business in North Carolina, Fanatics says it will operate an online book and a retail sportsbook at PNC Arena. The in-person sportsbook, the company says, will feature “activations for hockey fans and many other opportunities for Hurricanes fans and ticket holders to engage” with the sportsbook.
Fanatics Growth
Nearly six years after the U.S. Supreme Court gave states the right to determine their laws on sports gambling, fantasy sports turned sportsbook companies DraftKings and FanDuel have emerged as the market leaders. The two companies control about 75% of the U.S. sports betting industry.
Their stronghold has caused several sportsbook startups to fold. Notable companies that have scaled back or completely dissolved include WynnBet, Fox Bet, and MaximBet.
Companies that remain committed to growing their market share and tapping into DraftKings and FanDuel’s share include BetMGM, Caesars Sportsbook, ESPN Bet, and BetRivers. Fanatics is also on a crusade to expand its sportsbook reach.
Fanatics Sportsbook is currently operating in 10 states: Colorado, Connecticut, Kentucky, Massachusetts, Maryland, Ohio, Tennessee, Vermont, Virginia, and West Virginia. The company’s sports betting unit expanded rapidly after acquiring PointsBet last year for $225 million in cash.
Fanatics CEO Michael Rubin wants Fanatics to become the “Amazon of the sports world.”
Source: casino.org
