Fanatics Launch Official Sportsbook in the State of Iowa
LISTEN TO THIS ARTICLE:Fanatics Betting & Gaming has added a new market to its list of operational jurisdictions in the United States. On Tuesday, the operator launched its wagering services in Iowa, allowing bettors in the state to create real-money accounts and bet on their favorite sports events.
With the move, Fanatics is now live in 12 states across the US. The sportsbook’s expansion in the North American market was aided by its acquisition of PointsBet's U.S. business for $225 million in October 2023. Users of PointsBet in every state where the sportsbook formerly operates, including Iowa, will not need to register again on Fanatics as their accounts will be automatically migrated to the new operator.
Fanatics to Compete with DraftKings, FanDuel, and 14 Operators
Fanatics joined the Iowa market nearly 4.5 years after the state’s betting market went live. The market is already highly competitive, with 16 other operators vying for dominance and control of the largest share. However, like several states in the US, the top spots are often shared between DraftKings and FanDuel, two major players in the US sports betting arena.
In December 2023, the state recorded a sports betting handle of $282.7 million. DraftKings led the market in the month, accounting for $94.7 million of the total handle. FanDuel was in second place with a handle of $67.5 million. Caesars was third with $36.7 million. ESPN Bet reported an $18.8 million handle. The operators generated $26.3 million in gross gaming revenue for a hold percentage of 9.3%.
Fanatics has been on a roll since its completion of the PointsBet deal. Last December, the operator rolled out its services in Colorado. In the same month, it was approved to launch by the Vermont Department of Liquor and Lottery. Last month, Fanatics unveiled its sportsbook and iGaming platform in Pennsylvania and is set to enter North Carolina in March through a partnership with the Carolina Hurricanes.
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