In a significant development, the Fanatics Sportsbook (FBG) has inked a groundbreaking deal to become the exclusive sports betting partner of the Connecticut Lottery, encompassing both mobile and retail betting.
The transition is set to take place in mid-December, marking a pivotal moment in Connecticut’s sports betting landscape.
Under this partnership, the Fanatics Sportsbook will be accessible at ten retail betting locations throughout Connecticut, in addition to its availability on mobile devices.
Greg Smith, the President and CEO of the Connecticut Lottery, expressed optimism about the venture, anticipating an increase in market share, thanks to this strategic collaboration.
Smith lauded FBG, stating, “Fanatics is the only true sports brand in the gaming space and has established itself as an innovator in the industry.”
He further emphasized the impressive strides made by the Fanatics team in the US sports betting market and expressed excitement about how they will redefine the sports betting experience in Connecticut.
This partnership signifies a change in the Connecticut sports betting landscape, as FBG takes the reins from Rush Street Interactive (RSI), the former sports betting partner of the Connecticut Lottery.
RSI and the Connecticut Lottery had previously announced their intention to conclude their partnership earlier this year, with RSI continuing to operate sports betting in Connecticut until a suitable replacement was found.
FBG’s takeover of Connecticut follows its acquisition of PointsBet US earlier in the year for a substantial $225.0 million, outbidding competitors like DraftKings.
Since then, FBG swiftly launched its Fanatics Sportsbook in multiple states, including Maryland, Massachusetts, Ohio, Tennessee, New Jersey, Pennsylvania, Virginia, and West Virginia.
The emergence of FBG as a major player in Connecticut’s sports betting market puts it in direct competition with industry giants like DraftKings and FanDuel.
DraftKings, in partnership with the Mashantucket Pequot tribe, currently leads the online gaming market in Connecticut. FanDuel, on the other hand, collaborates with Mohegan Sun.
It’s essential to note that ESPN, whose brand ESPN Bet is operated by Penn Entertainment, is headquartered in Connecticut.
However, Connecticut’s tribal monopoly rules, coupled with the exclusive deal between the Connecticut Lottery and FBG, will prevent ESPN Bet from launching in the state, at least for the time being.
Connecticut’s foray into online sports betting was legalized in May 2021, allowing tribal entities like the Mashantucket and Mohegan tribes to offer sports wagering.
The Connecticut Lottery was also granted the opportunity to operate sports wagering, as long as it occurred outside tribal lands, in addition to retail betting at 15 locations statewide.
As FBG officially secures its position in Connecticut’s sports betting landscape, the stage is set for a dynamic shift in the industry, with Fanatics Sportsbook poised to make a substantial impact.