Fanatics in talks to buy sports betting company Tipico
Michael Rubin arrives at the 2019 Fanatics Super Bowl party on Saturday, February 2, 2019 in Atlanta.
Paul R. Giunta | Invision | AP
According to two people familiar with the matter, sports merchandising company Fanatics is in talks to acquire sports betting company Tipico.
A deal has yet to be struck, and the two sides are currently at an impasse over price, although talks are ongoing, said the people, who did not wish to be named because discussions are private.
Tipico has a small US sports gambling business with licenses in New Jersey and Colorado, but is the leading sports betting provider in Germany, according to its website.
Fanatics executive chairman Michael Rubin announced Wednesday that he is selling his 10% stake in Harris Blitzer Sports Entertainment, which owns the Philadelphia 76ers and New Jersey Devils, to pave the way for fanatics to enter the gambling sector has gone. National Basketball Association rules do not allow owners to operate a gambling platform.
Radicals has completed several acquisitions in recent years as a close-knit company. In 2020, it acquired sports merchandise maker WinCraft, and earlier this year it bought trading card company Topps for $500 million. The personal valuation of hardliners is $27 billion.
Rubin said, “As our Hardcore business has grown, so have I faced hurdles to ensure that our new business doesn’t conflict with my responsibilities as part owner of the Sixers.” ” said in a statement posted on Twitter On Wednesday, it announced the sale of its 76ers stake. “With the launch of our trading cards and collectibles business earlier this year – which will feature individual contracts with thousands of athletes globally – and the soon-to-launch sports betting operation, these new businesses are directly in line with sports league ownership rules. Will struggle. . Given these realities, I am sadly selling my stake in the Sixers and moving from part owner back to a lifelong fan.”
Rubin sports is not shy about his desire to enter the gambling industry.
“We could be the No. 1 player in the world in that business in 10 years,” Rubin told Sports Business Journal earlier this year. “This seems ambitious for someone who is not in business today, but our strategic advantages are that we are one of the most well-known digital sports brands and we touch so many fans.”
The Fanatics is a CNBC Disruptor 50, ranked 21st on this year’s list.
This story is developing. Please check back for updates.
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