Fanatics' Late Entry into Sports Betting Industry Doesn't Stop IPO Plans

Fanatics, the leading sports apparel company, is beta testing its sports betting app in four states and aims to build what it thinks is the sportsbook of the future. The company has a large existing database of customers and rewards programming that can be used to acquire customers with little cost. Fanatics is laser-focused on speed of bet placement and speed of navigation, and it thinks of FanCash as the new currency of sports. The company is taking the long view and is not focused on immediate results or market share. Instead, it aims to build a product people love and activate the Fanatics ecosystem.