According to sources to two people familiar with the matter, Fanatics, a sports merchandiser, is in talks to acquire sports betting company Tipico.
According to sources An agreement has yet to be reached, also the two sides are currently at an impasse over a price. Although negotiations are ongoing, said the people, who asked not to be named because the talks were private.
Tipico has a small sportsbook in the United States with licenses in New Jersey and Colorado. But is the leading sportsbook in Germany, according to its website.
Fanatics Billionaires CEO Michael Rubin announced Wednesday that he is selling his 10 percent stake in Harris Blitzer Sports Entertainment. Which owns the Philadelphia 76ers and New Jersey Devils, paving the way for Fanatics to enter the gaming arena to enter National Basketball Association rules prohibiting team owners from operating gambling platforms.
Fanatics has made several acquisitions as an owner-managed company in recent years.
In 2020, the company acquired sporting goods manufacturer WinCraft and bought Topps for $500 million earlier this year. Fanatics has a personal valuation of $27 billion.
“As our business with fanatics has grown, so have the obstacles. I must overcome to ensure our new business doesn’t conflict with my responsibilities as a personal owner of the Sixers. Rubin said in a statement Wednesday on Twitter and announced the sale. shares in the 76ers. “With the launch of our card and collectors business earlier this year. Which will have individual contracts with thousands of athletes worldwide and sports betting operations starting soon. This new business will be in direct conflict with sports league ownership rules. . Unfortunately, given this reality, I will be selling my stake in the Sixers and transferring it from a private owner back to a lifelong fan.
Rubin did not hesitate to enter the sports betting industry.
“We could be number one in this business in the world in 10 years. Rubin told the Sports Business Journal earlier this year. “It may seem ambitious for someone not in business right now, but our strategic advantage is that we are one of the most well-known digital sports brands and reach many fans.”