By Harvey Hoffman
Philly guy Michael Rubin is expanding from caps and hats to sports betting.
Fanatics has reportedly hired former FanDuel CEO Matt King and is preparing to make a move into sports betting.
King announced his resignation from FanDuel in May after four years with the platform.
Fanatics is the world’s largest licensed sports merchandise company. It has a $12.8 billion valuation after a recent $320 million raise and only continues to grow.
In February, Fanatics China — expected to be worth more than $1 billion — was launched with Hillhouse Capital.
Sports-themed merchandise retailer WinCraft and collegiate headwear brand Top of the World were both acquired by Fanatics in the latter months of 2020.
Fanatics expects sales to hit $3 billion this year.
Thanks to its merchandise empire, Fanatics has data on over 80 million sports fans. That should come in handy as it makes its play in the $203 billion sports betting industry.