Fanatics Launches Sports Betting In 4 States: What It Means For The Sector
Portfolio Pulse from Chris Katje
Fanatics has launched its Fanatics Sportsbook platform in Maryland, Massachusetts, Ohio, and Tennessee, following six months of beta testing. The launch comes after the company's acquisition of the U.S. business of PointsBet. The move is seen as a challenge to existing sportsbooks, including those run by DraftKings Inc (NASDAQ:DKNG) and Penn Entertainment (NASDAQ:PENN). Both DKNG and PENN saw their shares fall following the announcement.
August 16, 2023 | 7:47 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
DraftKings may face increased competition from the launch of Fanatics Sportsbook.
The launch of Fanatics Sportsbook could potentially take market share away from DraftKings, leading to a negative impact on its stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Penn Entertainment may face increased competition from the launch of Fanatics Sportsbook.
The launch of Fanatics Sportsbook could potentially take market share away from Penn Entertainment, leading to a negative impact on its stock price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80