Posted on: October 20, 2021, 07:55h.
Last updated on: October 20, 2021, 08:41h.
In the latest sign Fanatics is angling to becoming a force in the online betting world, the company recently filed several patent applications with the US Patent and Trademark Office (USPTO). They call for a branded casino, mobile betting app, and sportsbook.
Matt King oversees Fanatics emerging betting business. The company recently filed for several related patents. (Image: New York Post)
The patent applications arrive less than three weeks after Fanatics’ trading card business raised $350 million in capital from new and existing investors, valuing the unit at $10.4 billion. Investors in that round included Endeavor Group Holdings, Inc. (NYSE:EDR), the parent company of the Ultimate Fighting Championship (UFC).
The filings with USPTO confirm Fanatics is making moves to increase its exposure to the fast-growing online gaming and sports wagering segments. That includes downloadable mobile applications.
Downloadable mobile applications for use in fantasy sports leagues, namely, mobile applications for managing and participating in fantasy sports leagues; downloadable mobile application for providing sports programming and information; downloadable mobile application for providing previews, alerts, replays, video clips of sporting competitions, and web cam feeds, all in the field of sports,” according to the patent filing for Fanatics Sportsbookk.
The filings also mention the apps will provide sports news, player information, team statistics, team and game analysis, and “forecasting using predictive analytics.”
Fanatics May Be Prowling for Targets
Fanatics’ patent applications arrive about a month after reports emerged that the company is talking with Rush Street Interactive (NYSE:RSI) and Swedish gaming giant Betsson about a possible takeover.
In August, Fanatics raised $325 million from investors, including rapper Shawn “Jay-Z” Carter and his Roc Nation entertainment company, Major League Baseball (MLB), private equity firm Silver Lake, and SoftBank’s famed Vision Fund. That capital raise values Fanatics at $18 billion.
Florida-based Fanatics was previously known for its dominant perch in the licensed sports apparel market. But the company is undergoing a rapid transformation. Fanatics recently announced the hiring of former FanDuel CEO Matt King and Tucker Kain, the president of business enterprise for the Los Angeles Dodgers. Kain will oversee Fanatics’ entries into new business arenas.
The company’s metamorphosis includes adding a non-fungible tokens (NFTs) unit and disruption in the trading card business, including winning the coveted MLB license from rival Topps and NBA and NFL relationships from Panini.
Fanatics Online Focus
Fanatics’ gaming plans are squarely focused on higher margin online venues. For example, the USPTO filing for the Fanatics Casino makes no mention of a land-based casino.
“Entertainment services, namely, providing a website for on-line gambling; Betting and gambling services and information services relating thereto; gaming services in the nature of casino gambling, casino gaming, free to play gaming, and information services relating thereto; provision of information relating to sporting events; entertainment services, namely, providing online electronic games, providing online card games and online poker games; organization and conducting of sports competitions in the field of betting, gambling, online gambling, online casino gaming,” according to the filing.
The patent applications don’t mention when Fanatics will launch iGaming and sports wagering offerings, nor is it mentioned in which states the company’s gaming slate will initially debut.