On Tuesday, Fanatics Sportsbook debuted its online sports wagering service in Indiana. The Hoosier jurisdiction is the 14th jurisdiction to offer sports betting on the mobile betting app run by the apparel giant.
Fanatics Holdings, Inc.'s retail and online sports betting subsidiary, Fanatics Betting and Gaming, is the operating entity of Fanatics Sportsbook. The business also manages iGaming in Pennsylvania, Ohio, and Michigan.

Now, visitors to the state and residents of Indiana who are 21 years of age or older can download the Fanatics Sportsbook app and start betting.

The company’s sportsbook in Indiana features all of the product’s amenities, including the “Discover” feed that displays betting data and statistical insights. Indiana Fanatics bettors will also receive FanCash — up to 5% of their wager — that can be used for bonus bets or merchandise at Fanatics.

Through a collaboration with Penn Entertainment and the business's Hollywood Casino in Lawrenceburg, Fanatics Sportsbook will debut in Indiana.

Focus on Sports Betting

Michael Rubin established Fanatics in 2011. Today, the business leads the industry in officially licensed clothing for collegiate and professional teams. According to Forbes, Rubin has an estimated net worth of $11.5 billion, making him extremely wealthy.

Rubin, a 51-year-old entrepreneur, is not satisfied with his Fanatics empire and wants to transform the American retailer and manufacturer into a massive sports betting company. Unfazed by DraftKings and FanDuel's dominance in the market, Rubin is dedicated to turning Fanatics into the leading sportsbook. 

A significant step toward achieving that objective was taken by Rubin when it paid $225 million to acquire PointsBet in May 2023. Since then, Fanatics Sportsbooks has been replacing PointsBet platforms.

With the acquisition of PointsBet, Fanatics became the seventh-biggest sportsbook in the United jurisdictions and gained nearly instant access to 12 jurisdictions where it lacked a sports gambling license, subject to state regulatory clearances. At first, Fanatics and PointsBet had reached an all-cash agreement of $150 million. However, Rubin increased the stakes to $225 million when DraftKings made a nonbinding offer of $195 million.

PointsBet sportsbooks changed its name to "PointsBet, a Fanatics Experience" as state authorities considered switching licenses from PointsBet to Fanatics. With the conversion of Indiana, just Kansas remains.

In Colorado, Connecticut, Indiana, Iowa, Kentucky, Maryland, Massachusetts, Michigan, Ohio, Pennsylvania, Tennessee, Vermont, Virginia, and West Virginia, Fanatics Sportsbooks is operational both in-person and online.

Fanatics operates thirteen retail sites, including sportsbooks outside of Nationwide Arena, home of the NHL's Columbus Blue Jackets, and Progressive Field, home of the MLB's Cleveland Indians. Additionally, Fanatics runs the sole NFL in-stadium sportsbook at FedExField, the Commanders' home field in Landover, Maryland.

Layoffs in Merch

The Fanatics Sportsbook makes its Indiana premiere at the same time that the company's merchandise business announces layoffs at its Easton, Pennsylvania and Tampa, Florida locations. More than a hundred individuals, including managers, directors, and vice presidents, were among those facing termination, according to the Fanatics Commercial.

The job cuts account for less than 1% of the Fanatics Holdings workforce. The position reductions are related to new Fanatics Commerce CEO Andrew Low Ah Kee’s vision for the future of the apparel division.

As we continue to evolve from a merchandise company into a global digital sports platform, our organizational structure should naturally transition alongside it. This is a strategic restructuring of our Fanatics Commerce business to make the fan experience even more central to everything we do,” a Fanatics spokesperson told the Sports Business Journal.

“As part of this restructuring, we uncovered a very small number of positions that were no longer in alignment with our strategic priorities,” the statement added.