Fanatics Inc has unveiled the appointment of a chief financial officer (CFO) for its sports betting unit as it moves forward with plans to launch the highly anticipated division in January 2023.
The sports platform and eCommerce company, which is valued at US$27bn, has hired Andrea Ellis as CFO of its new division, CNBC reported.
The company noted that Ellis is expected to bring expertise in technology, products and operations to the company’s executive team. She was previously CFO at electric scooter and bike share company Lime, as well as previously working at Burger King’s parent.
At Fanatics, Ellis will scale the new division and provide strategic and operational leadership, the company said. She will report to Matt King, Fanatics Betting and Gaming CEO, who previously was CEO at FanDuel.
Fanatics, which hopes to coincide its sports betting launch with the lucrative NFL playoffs in America, intends to use a loyalty program across its whole business.
At a recent Sports Business Journal World Congress of Sports event, the company's chief executive Michael G. Rubin said the sports betting and other business segments “could be US$8bn, even in the next decade, in profits”, CNBC noted.
The company’s size and scale will make it a strong future competitor, he added, thanks largely to its 94mln customer database. The Fanatics chief executive insisted the company will be in “every major state other than New York,” as sports betting companies cannot make money there, CNBC added.
Last fall, Fanatics applied for a mobile-betting license in New York, but was not selected.