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Can Fanatics break into the market?
A new app takes on the industry, influencer bans, and one month in Massachusetts.
Welcome! In BetCrunch, we’ll bring you the best analysis of the technology and business behind sports gaming. The industry is quickly changing, from products to business models to the underlying technology—from AI to Web3. But there’s a need for analysis that digs below the surface. We’ll be diving into all this and also looking deeper at the data that drives the market. Look for our interviews with top executives, investors and experts in the industry. You’ll also stay up to date on the latest industry news in our weekly wrap-ups—like the one you’re reading. Let’s jump in…
Fanatical prep: Fanatics is preparing its sports betting app for launch this year It now plans to be live in 12-15 states by the start of the 2023 NFL season, down from a previous plan of 15-20. The company, which started testing the app in Tennessee in March and in Ohio this month, is hoping to convert 2 to 2.5% of its substantial ecommerce customer base to the app. It’ll be interesting to see what kind of traction it gets versus the large players in the market. Previously, Fanatics launched an in-person sportsbook at Maryland’s FedEx Field in February.
BetMGM moves: BetMGM, which says it’s leading U.S. iGaming at a 28% market share, is trying to build out its sports betting business. BetMGM saw NGR grow 76% to $470 million and expects to be profitable in the second half of this year. In-play wagers grew in share of overall wagers. Entain, a part owner of BetMGM, described the details this week in its earnings call.
Entain vs. Flutter: Despite the positive earnings report, Entain is trailing rival Flutter, which is building its presence in the U.S. Entain’s stock is down 12% over the past year, compared to Flutter’s 84% jump. Analysts noted that Entain revenue growth excluding acquisitions was 1%, according to Earnings+More.
Sports leagues tout responsible gaming ads: Leagues including the NFL, NBA, MLB, NHL and MLS, as well as NBCUniversal and Fox have formed the Coalition for Responsible Sports Betting Advertising. The news comes as sports betting has grown since the 2018 Supreme Court ruling that opened up gaming at the state level. The group aims to set certain limits for adveristing such as not advertising to minors.
Influencer ban? Ontario’s alcohol and gaming commission is looking at a ban on sports stars in online ads, saying it wants to protect children and problem gamblers. Maine has also sought a strict ban.
18 and over: Kentucky, which legalized sports betting in March, is the largest U.S. state with a legal betting age of 18. Only six others out of 26 states plus Washington D.C. and Puerto Rico are legal for 18 year olds.
What we’re reading:
The sports betting implications of the Washington Commanders deal.
Five NFL players from the Detroit Lions and Washington Commanders have been suspected for violating the NFL gambling policy.
Massachusetts’s first month of regulated sports betting had DraftKings, FanDuel and BetMGM leading.
Statcast has added data for all Triple-A games this year.
How to hit .500 without hitting the ball hard.
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