Fanatics Sportsbook Expands U.S. Presence with Louisiana Launch
August 16, 2024 Marija D
Louisiana as of August 15, marking the 22nd U.S. state where the sportsbook is available. This expansion is a result of a partnership with the Boomtown Casino and Hotel, bringing the total number of online sportsbooks in Louisiana to ten. The entry into the Pelican State allows Fanatics to reach approximately 95% of the American online sports bettor market.
Expansion Following PointsBet Acquisition
The Louisiana launch is part of Fanatics’ broader strategy to expand its presence in the U.S. sports betting market. Earlier this year, the company completed a $225 million acquisition of PointsBet’s U.S. business in April, further solidifying its position in the industry. The sportsbook aims to establish itself as a formidable competitor in the market, ing the ranks of other operators like bet365, BetMGM, BetRivers, Betway, Caesars, ClutchBet, and ESPN Bet, all of which are vying for market share behind industry leaders FanDuel and DraftKings.
Fanatics Sportsbook has also recently launched its sportsbook and online casino offerings in Wyoming in May. These expansions highlight the company’s adherence to growing its footprint across various U.S. markets.
Louisiana Betting Market Overview
Louisiana’s online sports betting market has seen significant growth since its launch in January 2022. As of June 2024, the market has grown by approximately 37% compared to the previous year, with more than $3 billion in bets placed year-to-date. The most recent data from the Louisiana Gaming Control Board indicates that the state took in a $195.8 million handle in June, resulting in net proceeds of $24.8 million.
The state imposes a 15% tax rate on betting activities, although operators are allowed to offset future net proceeds with any losses incurred. This tax structure is designed to ensure that the state benefits from the growing sports betting industry while providing some financial relief to operators who experience losses.
The Fanatics Sportsbook app offers a range of features designed to enhance the betting experience for s. The app is built natively on iOS and Android, providing a seamless and high-quality navigation experience. Some of the key features include:
FanCash Rewards: s can earn up to 10% FanCash back on bets, regardless of the outcome. The bigger the odds, the larger the FanCash rewards, which can be redeemed for jerseys, hats, bonus bets, and more.
Discover Feed: The Discover feature delivers marquee games, key statistics, and trending bets directly to the ’s feed, making it easier to stay informed and engaged.
Advanced Search Functionality: The app’s search feature allows s to find promotions, bets, and trending topics quickly. s can place bets directly from the search results, streamlining the betting process.
Parlay Options: Fanatics Sportsbook offers a robust parlay market, including Pre-Game and In-Game Same Game Parlay options, the ability to stack parlays, and pre-built parlays to save time.
Expanded Streaming: After placing a wager, s can stream football, hockey, and tennis events directly within the app, providing an immersive betting experience.
The launch of Fanatics Sportsbook in Louisiana represents a significant step in the company’s expansion strategy within the U.S. sports betting market. By continuing to introduce innovative features and expanding its market presence, Fanatics aims to solidify its position in an increasingly competitive industry.
Source:
”The Most Rewarding Sportsbook Comes to The Pelican State”, globenewswire.com, August 15, 2024.
