Fanatics Launches Sports Betting in Connecticut Market

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00:00 (upbeat music)

00:03 - Okay, I found this interesting too.

00:04 So Fanatics is now gonna be opening up shop in Connecticut.

00:08 I did see, if I'm not mistaken, correct me if I'm wrong,

00:11 that this is also in conjunction with the lottery.

00:13 So how does this operate with that together?

00:17 - Yeah, so Connecticut has three licenses, Craig.

00:21 Fandle and DraftKings have deals,

00:23 Connecticut's offer online sports betting

00:25 through tribal agreements.

00:26 And then the lottery had that third license.

00:28 So BetRivers had that license.

00:29 I believe it was a 10 year deal,

00:31 but they decided to opt out.

00:32 I think they weren't doing well in the state,

00:33 you know, handle revenue wise.

00:34 So they decided, let's get out of here.

00:37 The lottery opened up this license several months ago

00:40 for bidding.

00:40 And we thought maybe this would be ESPN Bet's home.

00:43 ESPN Bet has the headquarters in Bristol.

00:45 They're finally offering an online sports book.

00:47 Jay Snowden, the Penn Entertainment CEO

00:49 said they were interested.

00:50 But in the end, you know, Fanatics gets this license.

00:53 And so we'll see if Fanatics can do better in the state

00:55 than BetRivers did,

00:56 because obviously Fandle and DraftKings,

00:58 as you all know, Craig,

00:59 they have a dominant, you know, 70, 80% market share

01:02 between the two of them in a lot of states.

01:04 And so, you know, where this goes from here,

01:07 you know, Fanatics is gonna open up.

01:08 I believe they're gonna do a migration in mid-December.

01:11 So a couple of weeks, that app will be up in Connecticut.

01:14 And so you have three sports betting operators again.

01:17 And, you know, we've seen Fanatics come out

01:18 with the promotions, with the jerseys.

01:20 We'll see if they do that in Connecticut,

01:21 where you, you know, you put some money in

01:23 and you get, you know, some money back on retail,

01:26 you know, some money to get a free,

01:28 quote unquote, free jersey,

01:30 you know, where you have to deposit the money,

01:31 but you get the bonus.

01:32 So we'll see if they do that in Connecticut.

01:34 And so, yeah, you have a nice, robust market there.

01:37 Not a big state, three operators,

01:38 but certainly ones that are tried and true

01:40 in DraftKings and Fandle and then, you know,

01:42 a newcomer in Fanatics that potentially maybe,

01:44 you know, bring something different to the party,

01:45 depending on what bonus offers they put out,

01:47 how aggressive they are, you know,

01:48 can they gain a meaningful market share in Connecticut?

01:51 We'll have to wait and see on that one.

01:53 (upbeat music)

01:55 (bells chiming)

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