Publish Date: 06/27/2022
Fact checked by: Mike Goodpaster
The Maryland Lottery and Gaming Control Commission approved the construction of a Fanatics-owned retail sportsbook in the state as decided at a monthly meeting last week. The vote came out unanimously in favor of the sportsbook. The commission said the financial condition of Fanatics is a major factor in the decision. Check out the best bookmakers for betting on sports.
“Fanatics Holdings has sufficient liquidity to meet its financial obligations and working capital requirements for the foreseeable future,” the commission said.
“Additionally, the Company’s financial ratios and margins are generally favorable and its auditors have not expressed any concern with the Company’s financial condition or operations.”
Fanatics now needs the approval of the Sports Wagering Application Review Commission to start operating. Even so, the sports apparel and trading card company has not yet announced the location of the sportsbook.
Fanatics founder Michale Rubin is selling interest in Harris Blitzer Sports & Entertainment, owner of Philadelphia 76ers of NBA and the New Jersey Devils of NHL. Observers said Rubin’s stake withdrawal is to not cross the league rules concerning team owners’ and gaming companies’ relationships.
In 2020, the people of Maryland voted to legalize sports betting and Maryland’s casinos will be automatically granted licenses for in-person sports betting. But, no sportsbook is live yet as of now. Sports wagering is currently only live in five land-based casinos across the state.
Governor Larry Hogan (R-MD) looks toward the NFL 2022 season and hopes for a faster regulatory process and issuing of licenses by the SWARC.
“It has been nearly two years since Maryland voters resoundingly approved sports wagering in November 2020, and well over a year since I signed HB 940 into law in May 2021,” Hogan said to SWARC earlier in June.
“Instead of decisive action to implement the voters’ decision, you have allowed the process to stagnate and become mired in overly bureaucratic procedures that have needlessly delayed the state’s ability to maximize the revenue potential of this emerging industry.”