Fanatics Captures Nearly 5% of US Sports Betting Market in Rapid Growth
Fanatics is rapidly gaining ground in the US online sports betting market, showing promising growth from less than 0.5% market share in November 2023 to 4.8% by October 2024, according to Eilers & Krejcik Gaming (EKG).
Fanatics Sportsbook logo
The company's expansion began with its $225 million acquisition of PointsBet US in 2023. Since then, Fanatics has established itself in 22 states and Washington, DC, with plans to enter Missouri in 2024.
Key factors driving Fanatics' success include:
- Enhanced technology infrastructure
- Strategic focus on VIP customer retention
- Effective promotional spending
- Improved app performance (ranked 3rd in EKG's 2H24 testing report)
- Strong presence in major markets like New York
Bar chart showing growth data
Notably, Fanatics has achieved significant market share in New York, ranking fifth despite the state's 51% tax rate on sports wagering. Their promotional spending peaked at 100% of GGR in October across reported states, demonstrating aggressive market expansion strategies.
While FanDuel and DraftKings continue to dominate the US online sports betting market, EKG identifies Fanatics, alongside bet365, as one of the few challenger brands capable of disrupting the current duopoly. Their focus on customer acquisition and retention, particularly in the VIP segment, positions them well for continued growth in the competitive US sports betting landscape.