Posted on: December 12, 2023, 11:33h.
Last updated on: December 12, 2023, 11:33h.
The Fanatics Sportsbook is live in Connecticut, opening at 10 retail locations and online, following a recent market entry deal.
Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings, Inc., secured a partnership with the Connecticut Lottery Corporation (CLC) to launch its sportsbook. The app is currently offering a soft launch, accepting the first 2,000 customers who download and register an account in Connecticut.
Fanatics is already operating at 10 retail locations and is set to open an online sportsbook for additional bettors on Monday, Dec. 18. Locations include Hartford, Shelton, Stamford, Windsor Locks, Manchester, New Haven, New Britain, Milford, and Waterbury. Plans are in place to open a sportsbook in Bridgeport at Total Mortgage Arena.
Connecticut is the ninth state where Fanatics is expanding its sports betting presence.
In 2021, Governor Ned Lamont expanded gaming in Connecticut by enabling the Mohegan Tribe and Mashantucket Pequot Tribal Nation to conduct iGaming and sports betting through a revised revenue-sharing compact.
The Connecticut Lottery now has the authority to offer online and retail sports betting under the terms of these compacts, without the ability to operate online slot machines and table games.
Rush Street Interactive was previously selected as the sportsbook partner for the CLC, but after falling short of market expectations, Fanatics seized the opportunity to become the new partner.
Following Rush Street Interactive’s departure, Fanatics took its place. The financial details of the agreement are yet to be disclosed publicly.
Connecticut taxes sports betting revenue at 13.75%.
Fanatics faces competition from sports betting giants DraftKings and FanDuel in Connecticut, but company CEO Michael Rubin is focused on making Fanatics one of the leading sportsbooks in the country.
FanDuel and DraftKings currently lead the state in sports betting. These sportsbooks have reported significant tax contributions from their online operations, and Fanatics aims to compete with these industry leaders.