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00:00 (upbeat music)
00:03 - Okay, I found this interesting too.
00:04 So Fanatics is now gonna be opening up shop in Connecticut.
00:08 I did see, if I'm not mistaken, correct me if I'm wrong,
00:11 that this is also in conjunction with the lottery.
00:13 So how does this operate with that together?
00:17 - Yeah, so Connecticut has three licenses, Craig.
00:21 Fandle and DraftKings have deals,
00:23 Connecticut's offer online sports betting
00:25 through tribal agreements.
00:26 And then the lottery had that third license.
00:28 So BetRivers had that license.
00:29 I believe it was a 10 year deal,
00:31 but they decided to opt out.
00:32 I think they weren't doing well in the state,
00:33 you know, handle revenue wise.
00:34 So they decided, let's get out of here.
00:37 The lottery opened up this license several months ago
00:40 for bidding.
00:40 And we thought maybe this would be ESPN Bet's home.
00:43 ESPN Bet has the headquarters in Bristol.
00:45 They're finally offering an online sports book.
00:47 Jay Snowden, the Penn Entertainment CEO
00:49 said they were interested.
00:50 But in the end, you know, Fanatics gets this license.
00:53 And so we'll see if Fanatics can do better in the state
00:55 than BetRivers did,
00:56 because obviously Fandle and DraftKings,
00:58 as you all know, Craig,
00:59 they have a dominant, you know, 70, 80% market share
01:02 between the two of them in a lot of states.
01:04 And so, you know, where this goes from here,
01:07 you know, Fanatics is gonna open up.
01:08 I believe they're gonna do a migration in mid-December.
01:11 So a couple of weeks, that app will be up in Connecticut.
01:14 And so you have three sports betting operators again.
01:17 And, you know, we've seen Fanatics come out
01:18 with the promotions, with the jerseys.
01:20 We'll see if they do that in Connecticut,
01:21 where you, you know, you put some money in
01:23 and you get, you know, some money back on retail,
01:26 you know, some money to get a free,
01:28 quote unquote, free jersey,
01:30 you know, where you have to deposit the money,
01:31 but you get the bonus.
01:32 So we'll see if they do that in Connecticut.
01:34 And so, yeah, you have a nice, robust market there.
01:37 Not a big state, three operators,
01:38 but certainly ones that are tried and true
01:40 in DraftKings and Fandle and then, you know,
01:42 a newcomer in Fanatics that potentially maybe,
01:44 you know, bring something different to the party,
01:45 depending on what bonus offers they put out,
01:47 how aggressive they are, you know,
01:48 can they gain a meaningful market share in Connecticut?
01:51 We'll have to wait and see on that one.
01:53 (upbeat music)
01:55 (bells chiming)