What Does Matt King to Fanatics Really Mean?
Fanatics, the sports merchandise conglomerate, has hired FanDuel CEO Matt King. This move has caused a lot of speculation in the sports betting industry. It’s believed that King is going to lead a sportsbook for Fanatics in the future.
Matt King Announces FanDuel Resignation
King helped FanDuel reach insurmountable heights in the sports betting industry. He announced his resignation from the company on May 12, but he agreed to stay until the company filled his spot.
There were rumors that he was having discussions with Fanatics founder and Michael Rubin for an extended period. King did everything he could do to make FanDuel a top sportsbook in the industry, and this move shows that he is ready for his next challenge.
Rubin has given King the title of Gambling and Gaming Venture at Fanatics. It’s not easy to break into the sports betting industry because of massive companies controlling the industry.
However, Fanatics has the financial ability to launch a successful sportsbook. In May, King talked about his time at FanDuel.
“It has been a privilege to lead FanDuel over the last four years through what has been an incredibly exciting period for the company. With FanDuel well positioned for the next chapter of its growth and always an entrepreneur at heart, now is the time for me to take on new opportunities as the next step in my career.”
The next step is turning a merchandise company into a powerful betting operator.
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Background on Michael Rubin
Rubin recruited King to his company, and he most likely did it was a massive sum of money. Rubin, a partial owner of the Philadelphia 76ers, the New Jersey Devils, and a UK Premier League soccer team, is worth billions.
He recently raised $320 for Fanatics through investments. The company is now valued at $12.8 billion. The $320 million will likely be dedicated to sports betting, giving King a realistic chance of producing a competitive platform.
Fanatics is the largest sports licensing company globally because of its deals with the MLB, NFL, NHL, NBA, PGA, and many professional and college sports programs.
If Rubin wants a dominant sportsbook, he will be able to invest the money to turn the dream into a reality.
Wide Reach in Sports
Passionate sports fans shop at Fanatics because they sell gear for all the major leagues in the United States. The company has a database of 80 million sports fans, and they are still recruiting talent in the sports betting industry.
The company already has a relationship with clients, many of which are likely sports bettors. Now, Fanatics needs to create a superior product. The company recently hired Tucker Kain, the former President of Business Enterprise for the Dodgers, to help the company grow beyond merchandise sales.
He will not be in the gaming division, but his hire shows that Rubin is attempting to grow Fanatics in the sports world. It will be a long process for Fanatics to develop a betting platform, but the framework has been established.