For Fanatics Betting and Gaming CEO Matt King, the challenge he faces is not just building a market leader, but creating a genuine alternative for consumers. With his experience at FanDuel, where he achieved significant growth and market share, King is now focused on building something that can provide a different experience in the betting and gaming industry.
What sets Fanatics Betting and Gaming apart from other disruptors is its parent company, Fanatics, which is valued at $27 billion and has a strong presence in the sports industry. With operations covering various sports-related brands, Fanatics has a database of around 95 million sports fans. The goal is to leverage this existing audience and provide them with a compelling alternative to traditional betting options.
King takes inspiration from Spotify, which successfully captured both existing music streamers and new users through its intuitive and powerful product. He believes that building a great product requires a focus on both product design and functionality. Starting from scratch allows Fanatics Betting and Gaming to create a sportsbook app that is intuitive, responsive, and delivers a superior customer experience.
In order to achieve this, King has assembled a team with diverse backgrounds, including industry veterans and professionals from consumer technology businesses. By combining industry expertise with fresh perspectives, King believes they can deliver new thinking and innovation in the rapidly evolving sports betting market.
King emphasizes that Fanatics Betting and Gaming is a sports brand, not just a betting brand, which gives them a unique position and brand permission to offer differentiated experiences for consumers. They aim to create an interconnected digital sports platform that goes beyond just betting, providing a broader and more satisfying experience for sports fans.
The company’s retail presence is also an important component of their strategy, as it helps to build brand awareness and provide physical touchpoints for customers. King sees retail as a form of marketing and a way to enhance the overall customer experience.
Mobile is expected to be the main driver of growth for Fanatics Betting and Gaming, with the sportsbook app already live in some states and plans for further expansion. The recent acquisition of PointsBet US will provide access to more states and enhance the company’s core product. King intends to take a long-term approach and roll out new states when they are ready.
Looking ahead, Fanatics Betting and Gaming has the opportunity to expand into the online casino vertical as well, leveraging its existing presence in states like Michigan, New Jersey, Pennsylvania, and West Virginia. King aims to create a powerful and accessible iCasino product that can compete with existing offerings.
Overall, King’s entrepreneurial mindset and past experiences have shaped his approach to disrupting the betting and gaming industry with consumer technology. With Fanatics Betting and Gaming, he is focused on creating a new way of doing things and building a broader digital platform that can provide an exceptional experience for sports fans.
