Fanatics Makes News Again With Possible Tipico Purchase
June 28, 2022
Last week, Fanatics CEO Michael Rubin announced he was selling his 10% stake in the New Jersey Devils (NHL) and Philadelphia 76ers (NBA). He made that announcement to enable himself to dedicate his time and financial resources to the continuing launch of his BetFanatics sports betting brand.
As further evidence that Rubin is committed to being a major in the U.S. sports betting community, he has now announced his intention to look at buying the Tipico sports betting brand.
At this point in time, Tipico has a minor presence in the U.S. sports betting market. The company is currently offering sports betting services in Colorado and New Jersey with an eye on extending its platform into Indiana, Iowa, and Ohio.
If this deal were to move forward, Rubin would most likely rebrand the Tipico to his own BetFanatics brand.
BetFanatics Ready to do Business
Currently, BetFanatics has secured a temporary and partial license to provide sports betting services in Maryland. Before the company will be able to accept any legal sports bets, it will need to secure final approval from the Sports Wagering Application Review Commission. Rubin has high hopes that this should take place before the end of 2022, in time for the NFL playoffs. The company will also need to align itself with a betting partner, most likely one of the state's existing retail casinos.
Currently, there are five Maryland casinos that have partnered with a top U.S. sports betting brand. That list of casinos includes:
- Horseshoe Casino & Caesars
- Hollywood Casino & Barstool Sportsbook
- Ocean Downs Casino & TwinSpires
- Live! Casino & FanDuel
- MGM National Harbor & BetMGM
Note: BetFanatics also has five pending online gambling license applications with the Pennsylvania Gaming Control Board. If approved, BetFanatics would be permitted to offer sports betting and online casino play to the residents of the state.
Rubin has suggested that most of his current focus is on relinquishing his 10% stake in the aforementioned professional sports franchises. Clearly, his intentions are to avoid any conflict of interest issues.
Massachusetts Moving Forward With Sports Betting Legislation
In other U.S. sports betting news, the Massachusetts state legislature has signaled its intention to get some kind of sports betting legislation passed in the next month or two. Currently, both the House and the Senate have their own bills going through debate. It would seem it's just a matter of time before something gets done.
In the meantime, the Massachusetts Gaming Commission is ready to go to work on laying out a rough draft of what the state's sports betting rules and regulations will look like. The hope is the Commission can have something in place by the time the appropriate legislation hits the desk of Gov. Charlie Baker for signature.
With Baker poised to ink the legislation right away, all of the powers to be are hoping to get things done by the time the current legislative session ends on July 31, 2022.