Fanatics Betting and Gaming is now legally allowed to participate in New York’s mobile sports betting market. 릴게임 This was possible after the New York State Gaming Commission on Tuesday, October 3, 2023 announced its decision to approve Fanatics’ acquisition of the PointsBet online sportsbook. Therefore, it has officially allowed the company to participate in sports betting.
It should be mentioned that Fanatics acquired the New York division of the sports betting brand after signing a purchase agreement on May 14, 2023. Then, on June 6, 2023, PointsBet’s board voted in favor of the deal. Then, 23 days later, PointsBet shareholders approved the acquisition deal and Fanatics paid US$225 million.
In a statement, Panatics thanked the members and staff of the New York State Gaming Commission for their time and effort in approving the agreement. The company now looks forward to working with the regulator’s team to bring its digital sportsbook to the largest mobile sports betting regulatory market in the United States, it added.
The game company has already integrated existing Pointbet sportsbooks and brands and started rebranding as Pointbet Amanatics Experience, but has guaranteed that it will use existing technology and infrastructure as it is. The only noticeable change is the utilization of external parties to handle customer support.
Brian O’Dwyer, president of the NYSGC, also addressed concerns about sports betting ads and promotions and trading cards targeting underage individuals, as they are typically designed for people under the legal age who gamble. He hopes not to mix superheroes and other similar things with sports betting.
As for trading cards, we were asked if we could guarantee that there would be no kind of cross-promotion between them and sports betting, with one official saying, “It won’t be,” and “The operator wants to provide the best experience,” while the company must comply with local rules and not advertise to children.
Fanatics, an online sportsbook officially licensed by Empire State, may be on its way to join the state’s online casino market, which is not yet online. Earlier this year, the New York Congress and Senate announced a one-home budget, but neither included legalizing iGaming in the state in 2023. Members are poised to continue to pursue this.
Meanwhile, many believe New York is missing out on millions of dollars in revenue by not legalizing iGaming. This was supported by a VIXIO Gambling Compliance report that estimated Empire State could earn approximately $428 million annually. The new market was also expected to outperform fast-expanding online sports betting.