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: 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 […]
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