Fanatics is one of the newest gambling companies to hit the Michigan market, which means it has to try to stand out. The operator recently adjusted its FanCash rate, allowing bettors up to 10% based on an odds range.
Fanatics Sportsbook Michigan initially launched with a plan. However, after four full months in the market, it’s making adjustments to its marketing activity.
Fanatics has one of the more creative promotional incentives in the market, which involves earning FanCash to buy sports merchandise from the company’s website. The fact that it’s making adjustments proves it wants to compete, and has a strategy.
Bettors can earn up to 10% FanCash in new system
The sports apparel company-turned-sportsbook went live in Michigan with a unique offer that no other operator has. It had supplied bettors a simple system that involved FanCash, which looked like:
- Earn 5% FanCash on Same Gam Parlay bets
- Earn 3% FanCash on parlay bets
- Earn 1% FanCash on straight bets and odds boosts
The FanCash a bettor accumulates can be redeemed to buy sports memorabilia or to be used as bonus bets. While the concept remains the same, the operator made a huge change, based on the odds of a bet.
According to a release, the new FanCash system looks like:
- -110 or shorter: Between .01% and 1% of amount bet
- -105 and +600: Between 1% and 3% of amount bet
- +610 and +2100: Between 3% and 6% of amount bet
- +2200 and +4600: Between 6% and 9% of amount bet
- +4750 and +6000 or longer: Between 9% and 10% of amount bet
The new offer went into effect on July 1.
Fanatics puts emphasis on parlays
The most amount of FanCash a bettor could earn was 5% on a same game parlay. While the new rates don’t stipulate a parlay, any bet that has odds between +4750 and +6000 (or longer) can earn up to 10%.
Odds of those proportions would more than likely include a multi-leg parlay. According to NCSharp, Citizens JMP Securities reported that every additional leg a customer adds on their parlay, it equates to a 1% or better gaming margin for the operator.
BetMGM and ESPN each experience a 1% increase while DraftKings’ is 1.1%. FanDuel, the US leader in sports betting, is known for its same game parlays. Therefore, its percentage is up to 1.3%.
Fanatics, obviously has not been around long enough to track parlay stats. However, the longer the odds, the better the hold percentage is.
When logging into the Fanatics mobile account, under sections named “Featured Events” and “Recommended for You” there’s another called “Featured Parlays,” which are a bets that are already built for the bettor.
Scrolling down further, under the casino marketing, there’s another section that’s called “Earn 10% FanCash.” That also contains multiple pre-made parlays that are between or over the +4750 and +6000 threshold.
It’s clear that Fanatics is enticing players to bet more parlays, which results in more FanCash for the user, as well as a better hold percentage for the operator.