About Andrea Ellis
Ahead of its expected sports betting debut, Fanatics has named Andrea Ellis as the Chief Financial Officer of Fanatics Betting & Gaming in a press release from Oct. 19.
She joins CEO Matt King, CMO Jason White, CCO Ari Borod, and CPO Scott McClintic on the executive team of Fanatics Betting & Gaming, the company’s online sports betting and iGaming division. Ellis will be tasked with overseeing business and financial planning for the company through accounting, budget, tax, and cost management practices.
“We are thrilled to welcome Andrea to our team as we inch closer to formally launching a new, dynamic online sports betting and gaming product for fans,” said King. “Andrea has an incredible background leading a wide variety of finance and innovative growth functions across transformative and large-scale consumer brands, experience that will be invaluable to the ultimate long-term success and global scaling of our business.”
Prior to joining Fanatics, Ellis was the Chief Financial Officer at Lime, the electric scooter and bike company. While there, Lime expanded into 30 countries, stayed profitable during the pandemic, and raised over $500 million. She has also served as the Head of Investor Relations and Global Financial Planning & Analysis for Restaurant Brands International, Chief Financial Officer and interim Head of Retail for Tim Hortons, and General Manager of Popeyes.
“I could not be more excited to join Matt and this incredibly talented betting & gaming team, as well as be a part of the overall growth happening across Fanatics’ global digital sports platform,” said Ellis. “Throughout my career I’ve always searched for opportunities to grow businesses while combining my passions across finance, technology and consumer products, and as a diehard sports fan I can’t imagine a more perfect role than this.”
This good boy is ready for more baseball! The @astros and Murphy the Dancing Dood are grooving in October⚾
— Fanatics (@Fanatics) October 21, 2022
Fanatics Sports Betting Outlook & Timeline
It’s been long known that Fanatics has wanted to enter the sports betting sector. In June 2021, King, formerly the FanDuel CEO, made the jump from FanDuel to Fanatics to start the gaming division. In May of this year, the company trademarked the name BetFanatics.
In another sign that sports betting from Fanatics was imminent, CEO Michael Rubin sold his stake in the Philadelphia 76ers and New Jersey Devils earlier this year, a requirement if Fanatics were to become an operator.
Now it seems that after a long-winded journey, sports betting at Fanatics may finally become a reality. In mid-October, the CAA World Congress of Sports hosted Rubin as one of the several hundred sports executives at the conference. There, he said that the company will begin launching in states as early as January 2023.
“We will be in every major market, other than New York, by next football season…15-20 states,” Rubin said at the conference, while also noting the purposefulness behind taking their time with the launch. “People that think licensing is a problem, to be clear, it’s 30 to 40% cheaper today than it was a year ago, so our patience saved us money.”
— Fanatics (@Fanatics) October 21, 2022
Maryland sports betting is right around the corner, with the Sports Wagering Activity Review Commission (SWARC) receiving the first 10 applications this week that they could approve as soon as December. But Fanatics, despite not being an official operator yet, was already on their radar.
In June of this year, the Maryland Lottery and Gaming Control Commission (MLGCC) unanimously voted in favor of granting preliminary approval for a Fanatics retail sportsbook in Maryland.
“Fanatics Holdings has sufficient liquidity to meet its financial obligations and working capital requirements for the foreseeable future. Additionally, the Company’s financial ratios and margins are generally favorable and its auditors have not expressed any concern with the Company’s financial condition or operations,” according to the commission. This, combined with a team store partnership with the Washington Commanders, has caused speculation that Fanatics will become the official sports betting partner of FedEx Field.
They will still need approval from the SWARC to move forward with an official launch, but things are headed in the right direction for the company.