Fanatics Betting and Gaming said on Monday that it had partnered with local casino Boyd Gaming (NYSE: BYD) to enter the Missouri sports betting market.
DraftKings and Circa Sports were granted the Missouri Gaming Commission's (MGC) two untethered online sportsbook licenses earlier this month. As a result, other gaming companies that want to provide sports betting in the Show Me State must collaborate with local professional sports teams or land-based casinos. As a result, Fanatics must locate a partner in Missouri.
"Under the terms of their multi-year agreement, Fanatics Sportsbook will operate mobile sports betting under Boyd’s sports betting license in Missouri,” said Fanatics in a statement. “The companies will open Fanatics-branded retail sportsbooks at Boyd’s Ameristar Casino Hotel Kansas City and Ameristar Casino Resort and Spa St. Charles, located near St. Louis. Fanatics plans to launch its online and retail betting products with the debut of regulated sports wagering in Missouri this December, contingent upon receipt of all required regulatory approvals.”
The Boyd/Fanatics deal's financial details were not made public. In Missouri, online sports betting is anticipated to launch in December.
In relation to Boyd, the Missouri relationship with Fanatics is noteworthy since it is the casino operator's first sports betting agreement since selling its 5% share in FanDuel to Flutter Entertainment (NYSE: FLUT).
Boyd received $1.758 billion from the sale, which was finalized in late July. The seller stated that the money will be utilized to pay off debt. Other aspects of Boyd and Flutter's relationship were prolonged till 2038 as part of that deal.
The fact that Fanatics is joining together with Boyd to enter Missouri rather than FanDuel may be all the more intriguing as a result. FanDuel, the biggest online sportsbook operator in the United States, was forced to cooperate with St. Louis City SC of Major League Soccer (MLS) after Circa unexpectedly received one of the state's gambling licenses.
Fanatics has achieved remarkable progress in certain states, although FanDuel and DraftKings are by far the biggest online sportsbook operators in the US. According to some experts, some of this growth can be attributed to promotional spending.
That shouldn't hinder Fanatics' advancement in a very competitive market, and it's a strategy that might help the business draw in clients in Missouri.
“Upon launching this December, sports fans across Missouri will be able to download the Fanatics Sportsbook on iOS and Android and begin their Fanatics experience. Winning Hits Different in Missouri on Fanatics Sportsbook with up to 10% FanCash back on every bet, win or lose; Fair Play™ injury protection; and events and experiences that only Fanatics can pull off,” according to the statement.
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