MGCB Sets In Motion PointsBet Transformation Into Fanatics
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The Michigan Gaming Control Board held its monthly meeting on December 12, and one of the topics on the itinerary was transferring several PointsBet labels over to Fanatics and granting approval for 12 staff members. The number of labels and members greenlighted by the MGCB is a good signal that Fanatics is on the verge of launching in the Great Lakes State.
The addition of the “A Fanatics Experience” to the PointsBet logo was only a sign of things to come. This week's MGCB meeting is another big step toward Fanatics' official launch. No specific date has been announced, but according to some overly enthusiastic industry experts, the launch can occur in time for Christmas.
Official Fanatics Launch in 2024?
Fanatics purchased PointsBet’s U.S. assets in June for $225 million. After the deal concluded, it became only a matter of time until all the regulatory procedures were completed and PointsBet Michigan morphed into Fanatics Michigan.
Fanatic has been actively working on the transition in the past six months, as it has already launched its casino and sports betting app in several U.S. markets, indicating that the technical infrastructure is in place. The only thing remaining is to clear the regulatory paperwork for Fanatics to officially join the growing family of Michigan online casinos.
One thing still not clarified is whether the casino and sportsbook apps will launch simultaneously or become available separately.
Some rumors indicated that the operator's initial goal was for the sportsbook to come first, while the casino app would arrive at the start of 2024. Although the MGCB meeting is sustaining the momentum for an official launch, the remaining time in 2023 is in short supply, considering it’s already mid-December.
Revamping an Underperfoming Operator
The big question is how Fanatics will improve the casino offer of PointsBet. The platform has been consistently one of the lowest-performing online casinos in the Great Lakes State, according to revenue figures. The lifetime revenue of its operations in Michigan is $31 million.
For October 2023, PointsBet had a revenue stream of $2 million and ranked as the 11th operator in the state. However, things have been picking up in 2023, a year when the casino operation of Pointsbet experienced a 101.6% increase in revenue, compared to the previous year.
The sportsbook was a priority for PointsBet's previous owner, and Fanatic is gravitating towards that side of the gambling market, but online casinos are big business in Michigan. Currently, the range of games is smaller compared to other brands, with only 231 slots in the lobby, and the PointsBet Michigan online casino bonus is not very competitive.
However, both aspects might change after the regulatory hurdles are successfully navigated, and the rebranding is completed. After the official launch, Fanatics might make a push to compete with established operators in Michigan.
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