Fanatics Signs Letter of Intent to Purchase BetParx Sportsbook

One of Pennsylvania's biggest casino chains could sell its profitable sportsbook, BetParx, to the sports merchandising company, Fanatics. By signing a letter of intent, Fanatics has entered negotiations with Greenwood Gaming & Entertainment, the parent company of Parx Casino, to purchase their BetParx online sportsbook app.

BetParx is available in New Jersey, Maryland, Michigan, and Ohio, in addition to Pennsylvania.

Although the final price remains a mystery, insiders to the deal believe that Fanatics could push through with their plan of going public with an initial public offering if they could tout a branded sportsbook app alongside their principal business. 

Fanatics executive Michael Rubin sold his ownership stake in the Philadelphia 76ers and New Jersey Devils in 2022, so the company could enter the sports betting market. NBA rules do not allow their owners to operate a gambling company. 

After raising $700 million in a round of investments, Fanatics immediately sought to acquire companies with ties to sports betting. After dealing with a crowded Pennsylvania online sports betting market, BetParx has become attractive to Fanatics as Greenwood Gaming & Entertainment looks to book a profit from their sportsbook app.

One of the biggest reasons why Fanatics is interested in BetParx comes from their recent agreement with the Washington Commanders to open a physical sportsbook inside FedEx Field.

Now that Maryland offers sports betting, Fanatics could use their rebranded BetParx app to enter the state’s wagering market in connection with their FedEx sportsbook location.

The deal with the Commanders marks the first-ever sportsbook in an NFL stadium. Still, it will be the 4th sportsbook in a DC stadium as the NHL's Washington Capitals, MLS' DC United, and MLB's Washington Nationals have sportsbooks within their arena.

Fanatics also has received a temporary sports betting license to operate in Massachusetts due to a partnership with Plainridge Park Casino.