In a bold move that's set to shake up the mobile betting landscape, Fanatics Betting and Gaming has officially launched its sportsbook product in Louisiana, marking a significant expansion into the Pelican State. This launch propels Fanatics Sportsbook into a commanding position, with its services now spanning across twenty-two states, covering roughly 95% of the US's addressable online sports bettor market. The strategic partnership with Boomtown Casino and Hotel has paved the way for this expansion, making the Fanatics Sportsbook readily available for download on both iOS and Android platforms.
Fanatics Sportsbook's entry into Louisiana's burgeoning market is not just another tick on the map; it's a calculated step towards dominating the mobile gambling arena. By joining forces with Boomtown Casino and Hotel, Fanatics has seamlessly integrated into the local betting ecosystem, joining a league of renowned operators such as bet365, BetMGM, and DraftKings in the Pelican State.
This move is part of Fanatics' broader strategy to cement its position in the U.S. gambling market, following the significant acquisition of PointsBet's U.S. assets for $225 million in April. The company has not only introduced its sportsbook in Louisiana but has also rolled out both sportsbook and online casino offerings in New Jersey, positioning itself as a formidable player in states that welcome both online betting and casino gaming.
Since launching its online sports betting market in January 2022, Louisiana has seen exponential growth, with a staggering 37% increase in activity year-over-year as of June 2024. The state has processed over $3 billion in bets to date this year, showcasing the immense potential and enthusiasm for sports betting among its residents.
The Louisiana Gaming Control Board's latest report highlights a $195.8 million handle in June alone, translating to net proceeds of $24.8 million. With a betting tax rate set at 15%, the state has crafted a favorable environment for operators, allowing losses to offset future net proceeds, further enticing companies like Fanatics to dive into the market.
Fanatics Sportsbook's launch in Louisiana is more than just a new option for sports bettors; it's a testament to the state's thriving sports betting ecosystem and its appeal to major operators. As the market continues to grow, the competition will undoubtedly intensify, but Fanatics' strategic moves, coupled with Louisiana's welcoming regulatory landscape, position it well for success.
With the state's online sports betting market showing no signs of slowing down, Fanatics Sportsbook's expansion into Louisiana is a clear indicator of the company's ambitions and the potential for mobile gambling to transform the entertainment landscape for sports enthusiasts across the state.
