Fanatics has been in Michigan for a full month, which makes it much easier to evaluate the new operator’s early results. And the operator, which launched in late-February, placed well in both online casino and sports betting sectors in Michigan in March.
Any new operator has an uphill battle to climb, with the likes of FanDuel, DraftKings and BetMGM leading the market in both verticals. However, with Michigan’s strong online gambling industry, there should be enough room for Fanatics to succeed.
Fanatics finishes ahead of seasoned online casino platform
Expectations should be tempered around Fanatics in the first few months in a new market. As the operator already has a large customer base from its sports apparel business, it is playing the long game in the gambling space.
There had been much anticipation for the brand launch in the Great Lakes State. After it launched in late February, the Michigan Gaming Control Board reported Fanatics generated $1.9 million in revenue that month, while a portion of the total was likely inherited from its predecessor, PointsBet.
In March, Fanatics’ produced an output of $3.11 million in earnings, finishing ahead of the following Michigan online casinos:
- PokerStars: $3.09 million
- FireKeepers: $2.5 million
- Sports Illustrated: $1.8 million
Finishing ahead of PokersStars, who launched in the Great Lakes State in January 2021, is a feat in its first full month.
Fanatics is not that far off from passing other platforms, too. It finished about $1.2 million shy of passing the following operators:
- Four Winds: $4.3 million
- Eagle: $4.2 million
- WynnBet: $3.2 million
- Play Gun Lake: $3.2 million
If and when it passes those platforms, Fanatics will be in the company of operators such as Hollywood and Golden Nugget.
Operator finishes outside top five in sportsbook handle
While online casino performance is incredibly important in the Great Lakes State, the new operator’s calling card is its sports brand. Fanatics wants to make an impact in the sports betting industry.
It placed sixth among Michigan online sportsbooks, generating $19.3 million in March handle. It finished behind:
- FanDuel: $190.2 million
- DraftKings: $126.7 million
- BetMGM: $69.7 million
- ESPN BET: $40.3 million
- Caesars: $31.5 million
Fanatics put some distance between itself and BetRivers, who recorded $11.6 million in handle last month.
It’s going to be difficult for the new operator to catch FanDuel and DraftKings. However, competing with brands such as BetMGM, ESPN BET and Caesars are well within reach.
Fanatics offers a generous rewards system called FanCash, which can be redeemed as bonus bets or through the company’s website to buy merchandise. Here are the following ways to earn FanCash:
- Straight bet: Up to 1% of the amount bet
- Parlay bet: Up to 3% of the amount bet
- Same game parlay: Up to 5% of the amount bet
Don’t be surprised if Fanatics keeps climbing the ranks slowly, and cracking the top five in Michigan soon.
