By Skip Charles on Gambling
CNBC is reporting that Fanatics is reportedly exploring an acquisition of Bensalem-based BetParx, a sportsbook launched last year.
Fanatics opened its first sportsbook on Friday, located inside the Washington Commanders’ FedEx Field.
The company has said it aims to be in every state where sports betting is legal by September.
BetParx, which offers online sports betting and iGaming, is active in New Jersey, Michigan, Pennsylvania, Maryland, and Ohio.
While the report notes that a letter of intent has been signed, there is no guarantee that a deal will come to pass. Fanatics has reportedly looked into buying Tipico and PointsBet, among others, before ultimately passing on those acquisitions.
Fanatics has been considering a public listing for a long time and it may opt to first secure a sportsbook acquisition, according to reports.
Fanatics was last valued at $31 billion after raising $700 million in December with an eye toward mergers and acquisitions. The company said at the time it projects $8 billion in 2023 revenue across its commerce, collectibles, and betting and gaming divisions.