Originally published: 2021 | Updated: October, 2026
As the world’s largest dealer of licensed sports merchandise, representing more than 300 teams and leagues, Fanatics has built up an audience of more than 100 million sports fans. The company has leveraged that mass audience to become more than merely a dealer of jerseys, hats and other sports-related apparel.
The company powers the Fanatics, FansEdge and Kitbag brands, while also offering a large selection of sports collectibles and memorabilia through Fanatics Authentic. A multi-faceted, mobile-first company, Fanatics operates hundreds of online and offline stores, including the e-commerce business for major professional sports leagues (NFL, MLB, NBA, NHL, MLS, NASCAR, PGA), major media brands and hundreds of collegiate and professional team properties.
Florida-based Fanatics has used its sports database and its status as a rights-holder with professional sports leagues to transition the organization from its original status as a vertical commerce company into an international digital sports platform.
The company has become a sports commerce giant, an industry powerhouse that has branched out to include media, gaming, collectibles and sports betting under its umbrella of operations.
“There’s really not another company that’s thinking about giving the digital sports fan everything they want in one place,” Fanatics executive chairman Michael Rubin told CNBC when the company first revealed its expansion plans.
Valuation Triples
A funding round in August 2021 raised $325 million, increasing the valuation of Fanatics to $18 billion. Among those investing in the company in this round of venture capital acquisition were Major League Baseball and Roc Nation, the entertainment company owned by rapper Jay-Z.
This was the third capital raising by Fanatics over a 12-month period. The influx of investor cash caused the valuation of the company to nearly triple from its worth of $6.2 billion in August of 2020.
Fanatics projected more than $3 billion in revenue during 2021.
The company continued to attract investment in the years that followed. A $1.5 billion funding round in March 2022 increased its valuation to $27 billion. Another funding round in December 2022 raised $700 million, increasing the valuation of Fanatics to $31 billion.
Fanatics has remained privately owned while expanding its merchandise, collectibles and gaming businesses.
Key Hires
Rubin, the billionaire founder of Fanatics, took on the added role of chief executive officer as the company pursued its ambitious expansion plans. Then-CEO Doug Mack continued to head up the merchandising division of Fanatics.
Rubin also suggested that the company might go public with a stock offering. However, Fanatics has remained privately owned.
Certainly, Fanatics watched with interest as other sports startups like DraftKings and FanDuel branched out from daily fantasy sports to become the leading powers in the legalized USA sports betting market.
In pursuit of new revenue streams, Fanatics made some key hires to head up these areas. Among those brought into the company were Tucker Kain, formerly president of MLB’s Los Angeles Dodgers, and Glenn Schiffman, formerly the chief financial officer at media empire IAC.
From the sports betting world, Fanatics hired Matt King, the former CEO at FanDuel. King left FanDuel in May 2021 and went on to become CEO of Fanatics Betting & Gaming.
It’s easy to understand why Fanatics wanted to get into the sports betting business. It’s an industry that has grown substantially in the USA since the Supreme Court opened the door to legal sports betting expansion in 2018.
Unlike DraftKings and FanDuel, Fanatics was already doing business with millions of sports fans before launching its sportsbook. The company could use its existing customer base and relationships with professional sports leagues to attract bettors.
Fanatics Expands Into Sports Betting
Initially, it was unclear whether Fanatics intended to launch its own sports betting site, acquire an existing operation or merge with a betting company. In the end, the company chose to launch its own sportsbook and acquire an established betting business.
Fanatics Sportsbook launched in 2023, and the company reached an agreement to purchase the USA operations of PointsBet for $225 million. The acquisition was completed in April 2024, giving Fanatics access to PointsBet’s existing customers, betting licenses and wagering technology.
The deal also included PointsBet’s online casino and advance deposit wagering operations, as well as Banach Technology, a company specializing in sports betting technology and trading models.
Existing PointsBet customers were transferred to the Fanatics Sportsbook platform as the company expanded across the USA. Their account balances, login details, rewards and responsible gambling settings were carried over to the new platform.
Rather than having to apply for new licenses and build a customer base in every state from scratch, Fanatics could take over PointsBet’s existing operations and enter several regulated markets much more quickly.
Today, Fanatics Sportsbook operates in 23 states and Washington, D.C., including New York, New Jersey, Pennsylvania, Michigan, Illinois and Ohio. The company also operates retail sportsbooks at casinos and sporting venues across the country.
As well, Fanatics has branched out into online casino gaming through Fanatics Casino, which offers slots, table games and live dealer wagering in eligible states.
Another part of the company’s strategy is FanCash, a rewards program that connects its sports betting business with its merchandise operations. Players can earn FanCash on eligible wagers and use their rewards for Bonus Bets, sports merchandise and other purchases through Fanatics.
In December 2025, Fanatics also expanded into prediction markets through Fanatics Markets. In September 2026, the company launched Fanatics Sports & Casino, bringing its sportsbook, online casino and prediction markets together under one app. The products available to customers depend on where they are located.
Fanatics is now competing with DraftKings, FanDuel and other leading operators in the USA sports betting market. Unlike those companies, Fanatics began as a sports merchandise business and already had millions of sports fans in its customer database before launching its sportsbook. By connecting betting, collectibles and merchandise through one platform, the company is continuing to build on the expansion plans it first announced in 2021.