Fanatics eyeing Q1 sportsbook launch; Amelco to power its betting platform

Sports apparel giant Fanatics confirmed during a recent meeting with the Massachusetts Gaming Commission (MGC) its plans to launch a sports betting platform in the US this year. Fanatics Betting and Gaming CEO Matt King said the company intends to deploy its platform starting in the first quarter of this year. The business is eyeing the Bay State, where betting was legalized in August last year, as one of its first markets.

"FBG will launch its online wagering platform in Q1 2023, and will deploy that product to the majority of legal online wagering states before September 2023, including the Commonwealth of Massachusetts in partnership with Plainridge Park Casino," the company said in a statement.  

Moreover, the company told commissioners that Amelco will power its sportsbook. During the meeting, the business revealed it has purchased Amelco's source code, allowing Fanatics to then modify the platform to fit its own needs.

Scot McClintic, Fanatics' Chief Product Officer, said: "In the purchase of Amelco source code, we are 'fanatacizing' it. We are making it work with some specific use cases that we have and we are bringing that version forward for GLI certification in the next few weeks." 

The announcement had a major impact on the share price of Kambi, which had also been named as a possible technology partner of Fanatics. The company had led the bid for a New York sports betting license that included Fanatics. Following the report, the sportsbook supplier's share price dropped about 10% since trading closed Wednesday.

Scot McClintic, Fanatics' Chief Product Officer

Furthermore, during the meeting, the company's CEO anticipated launches in major betting markets in the U.S. before September, including Ohio and Maryland. Fanatics previously secured initial approval in both jurisdictions, thus meaning that one of the two markets may mark its debut in Q1 this year. However, Fanatics is yet to confirm which market will be the first to launch its sports wagering platform.

Maryland launched online wagering in November last year. Meanwhile, Ohio launched on January 1 this year. Since its launch during the New Year’s weekend, Ohio surpassed the geolocation transactions volume when compared to New York, data released by GeoComply reveals. Overall, GeoComply recorded 9.3 million transactions from New York, which were surpassed by the 11.3 million recorded in Ohio.