Fanatics Betting and Gaming (FBG) has launched its sportsbook and online casino in Pennsylvania, the operator announced on Monday (23 January).
Fanatics Sportsbook and Casino is undergoing a two-day soft launch in Pennsylvania, with supervision from the Pennsylvania Gaming Control Board. However, there will be no restrictions on sign-ups or playtime for customers.
The Fanatics Sportsbook and Casino will be available for those living in and visiting Pennsylvania. It marks the 11th US state in which FBG’s sportsbook is available, while it’s the second for the casino element after West Virginia.
Having been acquired by FBG in August 2023, PointsBet customers were able to migrate their accounts onto the Fanatics Sportsbook app, although only on the day of release.
Headquartered in New York, FBG claims it’s “disrupting the sports betting industry” thanks to its FanCash loyalty scheme, as well as its personalisation and live streaming features.
For casino, meanwhile, FBG highlighted its “exciting” lineup of slots, as well as new games that have been provided through its partnership with Light & Wonder. FBG is also planning to produce exclusive content with its Fanatics Games Studio, with more games scheduled for later this year.
2023: Igaming powers Pennsylvania to all-time revenue high
2023 was a historical year for Pennsylvania’s gambling market, with revenue hitting an all-time high of $5.7bn (£4.5bn/€5.2bn). This was powered by record igaming and sports betting revenue figures.
The $5.7bn figure was 9.3% higher than the existing record of $5.2bn, set in 2022. Physical slots led the way, with revenue rising to $2.5bn.
FBG’s casino expansion into Pennsylvania is tapping into an igaming market with huge potential. This is after online casino was legalised in the state in 2019.
Pennsylvania’s igaming revenue hit $1.7bn in 2023, smashing the previous record by 27.7%. Having first exceeded the $1bn milestone in 2021, 2024 could see Pennsylvania’s igaming industry surpass $2bn in 2024 revenue.
FBG looking to capitalise on Pennsylvania’s sports betting success
Aside from igaming’s success in Pennsylvania, sports betting in the state also performed well, reaching a record $458.6m in 2023. This was 14.3% higher than the previous high, set in 2022. Player handle amounted to $7.7bn in 2023, also 6% up from the previous record of $7.3bn.
FBG’s move into Pennsylvania will see them come up against industry giants such as FanDuel and DraftKings, who are partnered with Valley Forge Casino Resort and Hollywood Casino at the Meadows respectively.
According to the December 2023 report, FanDuel is the current leader in Pennsylvania’s sports betting market, posting $233.6m in revenue. DraftKings, meanwhile, were second with $121.1m, while BetMGM and its partnership with Hollywood Casino Morgantown fell way behind with $21m in third.
In a 2023 interview with iGB, FBG chief executive Matt King spoke of his excitement for the challenge of trying to catch up to the likes of FanDuel and DraftKings, the former of which King led to the summit of the US sports betting industry before departing for FBG.
In terms of igaming, Hollywood Casino at Penn National topped the revenue rankings with $61m. Valley Forge Casino Resort was second with $41.3m, before Rivers Casino Philadelphia with $31.3m.
