{"id":246719,"date":"2022-12-06T15:30:46","date_gmt":"2022-12-06T21:30:46","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=246719"},"modified":"2023-01-03T05:37:38","modified_gmt":"2023-01-03T11:37:38","slug":"fanatics-raised-700-million-lifting-valuation-to-31-billion","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/","title":{"rendered":"Fanatics Valuation Jumps to $31B Following $700M Capital Raise"},"content":{"rendered":"

Florida-based collectibles, sports apparel, and sports wagering<\/a> company Fanatics\u2019 valuation has risen to $31 billion. That’s after the company raised $700 million from a group of investors.<\/p>\n

\"Fanatics\"
Fanatics founder and Chairman Michael Rubin. The company raised $700 million at a valuation of $31 billion. (Image: CNBC<\/em>)<\/figcaption><\/figure>\n

That\u2019s a significant increase from a $27 billion valuation<\/a> revealed in March, and one that\u2019s all the more impressive when accounting for lethargy in private capital markets caused by macroeconomic headwinds, such as rising interest rates.<\/p>\n

\n

The Wall Street Journal<\/em> reports that roughly two-thirds of the $700 million Fanatics raised came from new investors, including private equity firm Clearlake Capital Group and LionTree LLC. Previous investors in the company, including Fidelity, Silver Lake, and SoftBank Group, also participated in the funding round.<\/p>\n<\/div>\n

“Proceeds from the investment, which comes in the form of common stock, will be set aside for strategic M&A, \u201c the Journal <\/em>reported, citing unidentified sources familiar with the matter. \u201cThe goal is to help Fanatics grow across its divisions, including its soon-to-be-launched sports-betting and gaming business, and won\u2019t be used to fund its day-to-day operations.\u201d<\/p>\n

Could Fanatics Pull Trigger On Betting Deal?<\/h2>\n

As noted above, some of the $700 million raised by Fanatics could be directed to mergers and acquisitions. It remains to be seen if that involves sports wagering.<\/p>\n

Fanatics is aiming to begin accepting sports wagers early next year, with hopes of being live in at least 15 states by the start of the 2023 NFL season<\/a>. \u00a0In other words, the company\u2019s sports betting ambitions are widely known. As a result, it\u2019s widely mentioned as a possible suitor for smaller wagering companies.<\/p>\n

\n

Previous speculation centered around Fanatics being a possible buyer of Swedish gaming giant Betsson, Churchill Downs\u2019 (NASDAQ: CHDN) TwinSpires Racing unit, PointsBet<\/a>, Rush Street Interactive (NYSE: RSI), Tipico, or WynnBET. None of those rumored deals came to fruition.<\/p>\n<\/div>\n

Fanatics isn\u2019t acquisition-averse. In January, the company announced the purchase of trading cards company Topps Sports & Entertainment in a transaction reportedly worth $500 million<\/a>.<\/p>\n

Fanatics IPO Still Possible<\/h2>\n

Entering 2022, market participants were eagerly anticipating a Fanatics initial public offering (IPO).<\/a> Those hopes were dashed amid slack market conditions, including dampened enthusiasm for emerging growth equities, of which Fanatics would be one.<\/p>\n

While the IPO didn\u2019t happen this year, it\u2019s not dead. Sources told the Journal<\/em> Fanatics is still eyeing becoming a publicly traded company, and is merely waiting for some of its younger business lines to mature and for market conditions to improve.<\/strong><\/p>\n

Fanatics founder Michael Rubin recently said the plan is to grow the company to $100 billion over the next decade. Sources with internal knowledge of the operation believe the goal is $10 billion of earnings before interest, taxes, depreciation, and amortization (EBITDA) by the end of those 10 years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Florida-based collectibles, sports apparel, and sports wagering company Fanatics\u2019 valuation has risen to $31 billion. That’s after the company raised $700 million from a group of investors. That\u2019s a significant increase from a $27 billion valuation revealed in March, and one that\u2019s all the more impressive when accounting for lethargy in private capital markets caused […]<\/p>\n","protected":false},"author":46,"featured_media":246720,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,1,1074],"tags":[81903,81967,80968],"acf":[],"yoast_head":"\nFanatics Raised $700 Million, Lifting Valuation To $31 Billion<\/title>\n<meta name=\"description\" content=\"Fanatics now valued at $31 billion following $700 million capital raise.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fanatics Raised $700 Million, Lifting Valuation To $31 Billion\" \/>\n<meta property=\"og:description\" content=\"Fanatics now valued at $31 billion following $700 million capital raise.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-06T21:30:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-03T11:37:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/MR.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/\",\"url\":\"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/\",\"name\":\"Fanatics Raised $700 Million, Lifting Valuation To $31 Billion\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/MR.jpg\",\"datePublished\":\"2022-12-06T21:30:46+00:00\",\"dateModified\":\"2023-01-03T11:37:38+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Fanatics now valued at $31 billion following $700 million capital raise.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fanatics-raised-700-million-lifting-valuation-to-31-billion\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/MR.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/12\/MR.jpg\",\"width\":1600,\"height\":900,\"caption\":\"Fanatics founder and Chairman Michael Rubin. 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