Fanatics Sportsbook Launches at Ocean Casino Resort

This new location provides sports enthusiasts and bettors with legal betting markets on all major sports, including professional and college football, basketball, hockey, baseball, tennis, soccer, golf, MMA, and boxing. With the NFL season around the corner, Fanatics aims to offer a diverse range of betting opportunities for fans in the Garden State.

The introduction of this retail sportsbook is a strategic move for Fanatics, which has already established a foothold in with the launch of its Fanatics Sportsbook and Casino app earlier in May. This latest venture is expected to enhance the brand’s presence in the state and cater to a broader range of sports betting consumers.

A New Partnership for Fanatics in New Jersey

Fanatics Betting and Gaming Chief Business Officer Ari Borod highlighted the significance of the sportsbook launch, calling it “an exciting day in our company’s continuous evolution.”

He expressed enthusiasm about the partnership with Ocean Casino Resort, saying, “As Fanatics grows its gaming presence in New Jersey, Ocean represents the perfect partner to deliver an elevated retail sports betting experience at the premier hotel in Atlantic City.”

Ocean Casino Resort General Manager Bill Callahan echoed Borod’s sentiments, praising Fanatics for its wide-reaching influence in the sports industry.

“Fanatics boasts an unmatched roster of the world’s most renowned sports leagues, teams, and global brands and we are excited to present these to our guests here at Ocean,”Callahan said.

The Fanatics Sportsbook is positioned as a key attraction within The Gallery, an entertainment hub located inside the casino. The Gallery offers a 100-foot elevated bar and lounge area with seating for 60 people. It is surrounded by slot machines and table games and features 140 feet of LED walls to enhance the viewing experience. Bettors can place wagers either at betting windows or through self-service kiosks located throughout the space, making it convenient for customers to engage with the sportsbook’s offerings.

Despite the excitement surrounding the retail launch, Fanatics Betting and Gaming has faced challenges establishing a strong presence in New Jersey’s online sports betting market. Fanatics entered the state’s market in May, taking over the operations of PointsBet, but its initial months have been marked by a slow start.

According to figures released by the New Jersey Division of Gaming Enforcement (NJDGE), Fanatics struggled to capture a significant share of the market in its early days. PointsBet had previously maintained a steady double-digit market share in the state, achieving a high of 31.6% in April before Fanatics took over. In April, PointsBet’s gross gaming revenue reached $32.9 million, placing it second in New Jersey’s sports betting market.

However, following the transition to Fanatics in May, the market share dropped sharply. Fanatics managed just 2.3% of the state’s online sports betting market that month, with gross gaming revenue plummeting to $2 million—an approximate 29% decrease compared to PointsBet’s April performance.

Revenue Rebounds but Challenges Remain

By July, Fanatics showed some improvement, with its betting revenue rising to $2.7 million. Despite this slight rebound, it remains a relatively small portion of the state’s total sports betting revenue, which reached around $80 million across all operators in July. The company still faces an uphill battle to regain the market share that PointsBet once held and to solidify its position in New Jersey’s competitive sports betting scene.

While its online performance in New Jersey has been lackluster so far, Fanatics continues to expand its presence across the United States. The company now operates in 22 states following its recent launch in Louisiana. Fanatics entered the Louisiana market through a partnership with Boomtown Casino and Hotel, further expanding its retail and online betting footprint across the country.

Fanatics’ entry into the New Jersey retail market with Ocean Casino Resort marks a significant milestone for the brand as it seeks to build a more robust presence both online and offline. As the NFL season begins, Fanatics will be looking to attract more customers to its sportsbook and improve its position in one of the most competitive sports betting markets in the U.S.

Source:

”Fanatics Sportsbook opens first New Jersey retail location”, sbcamericas.com, September 05, 2024.