Fanatics, the licensed sports merchandise behemoth, has hired Fanduel CEO Matt King to lead a new sports betting and gaming operation.
The news of his resignation from FanDuel surfaced on May 12 when the ex-chief decided to continue to hold his post till someone came to fill in his post. According to numerous reports, King has recently been in contact with Michael Rubin, the founder of Fanatics and a millionaire.
Consequently, according to sources, Rubin has placed King in control of the company’s gambling and gaming project. According to the insiders, Fanatics has been building the framework for its growth beyond merchandise and into gaming for some months.
Fans reluctant to react, and King did not reply to calls for comment right away. Rubin, a partner in the Philadelphia 76ers, as well as a member in the ownership group that owns the New Jersey Devils and a Premier League soccer team in the United Kingdom, seems to be on a roll lately, collecting $320 million for Fanatics, which is currently valued at $12.8 billion.
The e-commerce behemoth is the world’s largest sports licensing firm, with partnerships with all of the major leagues, including the National Football League, Major League Baseball, and a slew of professional and collegiate athletes and teams.
Fanatics has access to a database with over 80 million sports enthusiasts.
Fanatics has hired a number of executives for its entrance into sports betting, including King.
The firm recently recruited Tucker Kain, the Los Angeles Dodgers president of commercial enterprise, to help it “grow beyond merchandise.”
Although Kain was recruited to assist the firm in identifying additional prospects, he wouldn’t be operating in the gaming sector under King.