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The New York State Gaming Commission gave Fanatics the final approval to acquire PointsBet’s operating license on Monday. The approval means that New York will have its first new sportsbook since the industry’s launch in January 2022. Fanatics will re-brand the current PointsBet Sportsbooks as “PointsBet, a Fanatics Experience,” as they have in several other states.
“Today, the New York State Gaming Commission (NYSGC) approved Fanatics Betting and Gaming’s acquisition of PointsBet New York LLC. We would like to thank the commissioners and staff of the New York State Gaming Commission for their time and effort in delivering us some great news today. We look forward to working with the staff of the New York State Gaming Commission to bring the Fanatics Sportsbook to the largest sports wagering state in the U.S. ” Fanatics Betting and Gaming shared in a press release regarding the approval.
Fanatics outbid DraftKings to purchase PointsBet Sportsbook’s US business. The Australian-based operator has licenses in 14 states, which made them a key acquisition for Fanatics' entrance into sports betting. While Fanatics has its own sportsbook, it rebranded PointsBet in several of the 14 states. There is no timeline for when this rebrand will take place in New York.
New York was one of the top reasons that Fanatics outbid DraftKings, as it gives them quick access to the largest sports betting market in the country. While PointsBet’s market share in the Empire State is far below that of DraftKings and FanDuel, they give Fanatics a robust existing customer base.
The NYSGC also approved rules for daily fantasy sports leagues (DFS) but did not include pick ‘em style games. The DFS contests involve bettors competing against the house, and it has quickly caught on across the US.
Sites such as UnderDog Fantasy and PrizePicks have invested heavily in pick’em DFS games, meaning the decision from the NYSGC will keep them out of the country’s largest market.
Michael is an avid sports fan and a veteran bettor from Milwaukee. He learned the trade from his grandfather in Las Vegas as a kid and has turned that into a successful career. He cheers for all Wisconsin pro teams along with his Alma Mater Arizona State. He specializes in baseball betting, but has experience in football, basketball, and hockey as well. When he isn’t pouring over stats, he’s spending time with his two young children.More info on Michael Savio
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