Recently released figures have shown that Fanatics made a positive start in its first month of legal sports betting. The brand became the 10th online sportsbook to launch in Maryland, and June’s showing revealed that Fanatics could be one to watch.
This is because Fanatics took in $1.6 million in sports bets in June, although it offered $616,000 in bonus bet credits to welcome new customers in. This showed that nearly 40% of the bets made at Fanatics were made with promotional credit as the sportsbook aims to get a toehold in the competitive betting market.
Fanatics is already well known as an apparel brand, but it is getting serious about sports betting. It has spent much of the year locked in negotiations to take over the struggling PointsBet sportsbook so as to bypass the licensing issues that would hold up its sports betting debut in many states. This process has been held up by rival bids from DraftKings, but if approved, then it will see Fanatics becoming a key player in this growing market.
Maryland is just one of the states targeted by Fanatics for its launch into the sports betting industry. The brand is also setting up shop in other states like Ohio, Tennessee and Massachusetts. Each of these four states will only let people download the Fanatics app if they already exist as a retail customer.
Fanatics faces a tough challenge to gain even the smallest amount of market share in Maryland. The Old Line State’s sports betting scene is currently dominated by FanDuel and DraftKings.
FanDuel is just edging ahead in the market with an overall handle in June of $108.6 million representing 45% of the mobile betting market. DraftKings took in $89.6 million through its online operations in June. This represents 37% of all bets taken in the whole of Maryland.
While June is traditionally a slower month in terms of the sports betting handle in all states, Maryland still enjoyed respectable figures. This is because the total number of sports bets taken was $254.4 million and this had a knock-on effect of producing $27 million in revenues, while raising $2.8 million in sports betting taxes for the Maryland state coffers.
While online sports betting in Maryland was only launched in November 2022, it has already gotten off to a strong start. From July 2022 to June of this year, there has been $2.89 billion taken in sports bets both online and in the state’s retail sportsbooks.
Maryland’s lottery commission revealed that baseball is one of the most popular sports to bet on in the Old Line State accounting for 25% of all bets with $65.2 million wagered in total. There are also some notable trends that revealed that nearly 40% of all bets involve making two or more wagers at the same time. All of this shows that things are getting interesting when it comes to sports betting in Maryland.
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