Fanatics to Spend Up to $1 Billion Advertising Sports Betting Unit

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3▲0 ▼2Impact / 5
Summary · why it matters

Fanatics CEO Michael Rubin plans to more than double advertising for the company's sports betting unit to nearly $1 billion, according to an interview with Bloomberg. Rubin said success in Fanatics' sports and collectibles unit will help boost total revenue to $14 billion, with $2 billion of that coming from sports gambling, a business Fanatics entered in 2023. The push pits Fanatics against market leaders DraftKings and FanDuel parent Flutter Entertainment. Rubin, whose company is privately held, said he faces less than zero pressure to go public and described himself as a contrarian, arguing Fanatics can do a better job in the space. He acknowledged that the betting and gaming business is the most competitive Fanatics plays in today, and said he thinks the regulatory environment is unlikely to remain as it is today.

Impact on assets 2

Consumer Discretionary▼ · 2 stocks
DraftKings Inc
DKNG
▼ NegativeCompetitionrelevance

Fanatics plans to nearly $1B ad push into sports betting, intensifying competition against market leader DraftKings.

Flutter Entertainment plc
FLUT
▼ NegativeCompetitionrelevance

Fanatics' aggressive betting ad spend pits it against Flutter's FanDuel, raising competitive pressure.

Off-coverage companies 2

FanaticsPrivate▲ Positive
Capitalrelevance

Fanatics will more than double sports betting advertising to nearly $1B, targeting $2B in gambling revenue.

Bloomberg L.P.Private± Mixed
relevance

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