An emerging legal sports betting operator has been granted market access in Maryland.
Fanatics Sportsbook has been issued an online sports betting license by the Maryland Lottery and Gaming Control Commission — becoming the 10th operator to receive a mobile license in The Old Line State. Fanatics was awarded a license after completing a controlled demonstration of its platform on May 30. The demonstration included live wagering to determine its viability.
The launch of online betting sites in Maryland by Fanatics comes after the operator opened a retail sportsbook in January at FedExField — home of the Washington Commanders. The facility is the first sportsbook located inside an NFL stadium and features 21 self-service betting kiosks.
Despite the new venture, Fanatics will have stiff competition with online wagering in Maryland. The state has awarded licenses to major sportsbooks, including DraftKings, FanDuel, BetMGM, Caesars Sportsbook, BetRivers, Betfred, and PointsBet. However, Fanatics is in the midst of bolstering its offerings after agreeing to purchase PointsBet’s U.S. business for $150 million.
The pending deal is currently under review by the New York State Gaming Commission.
Fanatics’ potential purchase will help the sportsbook expand its reach. In May, it launched its first round of online operations in Ohio, Tennessee, and Massachusetts, while PointsBet has market access to 14 states, including New York — the largest online sports betting market.
Current state of business
Fanatics is entering the online Maryland sports betting market after it took a slight step back. In April, the state’s online handle reached $313.5 million — a 15% decrease month-over-month.
Retail and online wagering combined for gross revenue of $35.6 million during the month. The state and its Blueprint for Maryland’s Future Fund, which supports education, hauled in $3.8 million on taxes in April, down from $5.3 million in March — a record for Maryland wagering.
