Fanatics Michigan Sportsbook Launch Thursday
PointsBet Sells Online Casino and Sportsbook to Fanatics
The latest gambling news is good for Michigan sports bettors and online casino players. Fanatics Michigan sportsbook launch is scheduled for Thursday, Feb. 22. The same for the Fanatics casino. Both were in the deal when Fanatics purchased PointsBet’s U.S.-based operations in June. More betting outlets is always a good thing for bettors.
Fanatics, the sports memorabilia company, didn’t have an easy time of purchasing PointsBet. An agreement was in place in May 2023 for the purchase price of $150 million. The deal was announced pending shareholder approval. But before the deal was finalized, DraftKings jumped into the picture with a $195 million bid. Fanatics in turn upped the ante to a $225 million bid to get the deal done.
The Fanatics Michigan sportsbook launch has taken a bit more time than anticipated. Plans to open before the end of 2023 came and went. But slowly, the company has been able to bring its sportsbooks online. Fanatics opened an online sportsbook and casino in Pennsylvania in January. An online sportsbook in Iowa opened earlier this month. Now, it’s time for the Fanatics Michigan sportsbook launch.
Existing PointsBet players in Michigan will have their balances, open bets, bonus bets and reward balance transferred to the new Fanatics site. Players can earn up to 5% of their wager in FanCash, which can be redeemed on the Fanatics website for sports memorabilia.
Fanatics Name Helps Boost Michigan Handle
The PointsBet Michigan website is still running. The only difference is a small “A Fanatics Experience” has been added to the PointsBet logo. But news of the purchase helped PointsBet see an increase in revenue from September through December of 2023.
The PointsBet Casino showed a profit of at least $1.8 million in each month down the stretch of 2023. The casino never had a profit of $1.8 million in any single month before September. The casino had a profit of $19.1 million for all of 2023.
The Fanatics Sportsbook joins a pretty crowded field in the Great Lake State. There are more than a dozen online sportsbooks. They range from the giants in the industry, such as FanDuel and DraftKings, to smaller outfits, such as FireKeepers Sportsbook. A small sportsbook like FireKeepers will have the scores and odds on all of the major U.S. sports. But not a whole lot more.
Fanatics is hoping to attract and keep customers through its bonus bets, profit boosts and free casino play, among other methods. The key for new casinos and sportsbooks isn’t always attracting new players. It’s keeping them. New bettors will frequently sign-up to new sportsbooks or casinos for the sing-on bonus. But once that money is lost, they’ll revery to their betting outlet of choice.
The Fanatics Casino will also see some competition in the online casino marketplace. There are currently 15 sites offering online casino gaming. Once again, there are all types of casinos operating in Michigan. The big players in the industry are in there, along with the smaller sites like Four Winds Casino.
For gambling news, betting analysis and more, visit Point Spreads Sports Magazine
