giving the company a $27 billion valuation. The company has been working to expand beyond its core business of providing sports merchandise and memorabilia for professional sports teams. Earlier this year, it acquired Topps Co.’s trading-card division, accelerating its growth in the business.As CFO of the sports-betting unit, Ms. Ellis will be responsible for helping the business get off the ground.
“There’s a ton of work to do around just building the pipeline, the pipework and the piping such that when we do turn on, and we do go live, everything flows,” Ms. Ellis said. Fanatics declined to share financial forecasts for its sports-betting division, which doesn’t currently generate revenue. The company is currently seeking and has submitted sports-betting licenses in five states, according to Mr. King. It expects to have licenses in 15 to 20 states by the time the 2023 National Football League season begins.
Mobile sports betting as of Aug. 16 has been legalized in 26 states and the District of Columbia, but hasn’t yet launched in five of those states, according to the American Gaming Association.and Flutter Entertainment PLC’s FanDuel. Companies across the sector have spent millions of dollars on marketing to attract customers, but have“Everyone is investing in the land grab right now,” said Ryan Sigdahl, an analyst who covers the sector at Minneapolis-based Craig-Hallum Capital Group LLC.
Mr. King declined to share details about the division’s planned product offering, but said that the industry has room to improve when it comes to consumer satisfaction with sports-betting apps. “We’re going to look to, frankly, give customers what they want,” he said.
My first board was a Fanatic and I loved it! Glad to see they keep going!
Their shirts are crap.
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