On the day the sports apparel company made its official debut in the legal sports betting industry, Fanatics is making more headlines. The company reportedly is looking into purchasing BetParx Sportsbook, which is owned by the parent company of Parx Casino in Bensalem.
Currently, the two sides are just having discussions about the potential sale; however, Fanatics did sign a letter of intent to buy the online sportsbook. BetParx Sportsbook is active right now in Pennsylvania, along with several other locations.
The operator previously launched in New Jersey, Maryland, Michigan and Ohio, as well.
This is notable news for PA sports bettors, as the Keystone State could be seeing a Fanatics debut sooner than expected. Combined with the first Fanatics sportsbook opening just today in Maryland, it’s clear Fanatics is focusing on its future in sports betting and has its sights set on PA.
Fanatics could fast-track PA entry through BetParx Sportsbook acquisition
While it’s clear Fanatics is eyeing Pennsylvania, CNBC reports that the people close to the situation can’t confirm an agreement with betParx will take place.
If it does pan out, the move would fast-track Fanatics into a sizable expansion in the sports betting landscape. At the moment, its newly-opened Fanatics Sportsbook retail location at FedEx Field in Maryland is its only option in any US market.
The first retail sportsbook in an NFL stadium just debuted on Friday, Jan. 20.
As opposed to waiting to get approved by the Pennsylvania Gaming Control Board (PGCB) and in other states, Fanatics can jump right into things by taking over BetParx.
Fanatics features a pending application status in the state for both its PA online sportsbook and casino. The company applied for both of those in April 2022.
Next step for Fanatics growth and expansion into online gambling space
It’s no surprise Fanatics is exploring options to help dive into the rapidly growing online gambling space. Just last month it raised $700 million in funding to reach a valuation at $31 billion.
It also tried to make a similar agreement a year ago with the sports betting provider Tipico.
The purchase of BetParx Sportsbook would open the door to several options for Fanatics. If successful, it could get Fanatics into the PA market without needing to wait for its own license approval.
Since the process to receive a license for sports wagering or iGaming takes quite a long time, this could be Fanatics’ plan to speed things up. From there, the company could simply decide to rebrand the BetParx name. Or, it could additionally enter the market with its own unique license later down the road.
Of course, with BetParx operating in other states already, Fanatics would then also have access to those locations, too.
PlayPennsylvania will continue to report on this situation as updates occur.