The highly anticipated initial public offering (IPO) of Fanatics, a Florida-based sports merchandise and betting company, may finally come to fruition in 2024 following years of speculation. According to Seeking Alpha, Fanatics is likely to hit the public market after making several strategic acquisitions, including trading card company Topps and clothing brand Mitchell & Ness.
With the company’s value currently at $31 billion after a $700 million capital raise in December 2022, Fanatics is expected to have one of the largest IPOs in 2024 if they raise a similar amount. There have been several signs indicating that Fanatics is prepping for an IPO, including the hiring of Deborah Crawford as senior vice president of investor relations. Crawford has an impressive background, having previously worked in similar roles at Meta Platforms, Ancestry.com, and Netflix.
Fanatics also recently welcomed Andrew Low Ah Kee as the CEO of Fanatics Commerce and Matt King as CEO of its betting and gaming division. King previously held the same role at FanDuel, the largest online sportsbook operator in the U.S.
In addition to its expansion into sports betting, Fanatics launched the Fanatics Sportsbook app in several states and saw a surge in search interest for its betting app in November. The company also counts major sports leagues and prominent investors such as Silver Lake, SoftBank, BlackRock, Fidelity, and MSD Partners among its backers.
Following the acquisition of PointsBet’s U.S. operations, Fanatics is poised to make a deeper push into the U.S. sports wagering market in 2024. The company is expected to make its debut on the public market after it has made strategic moves and continues to build its presence in both the sports merchandise and betting industries.