cnbc.com/2022/06/23/fanatics-is-in-talks-to-buy-sports-betting-company-tipico-sources-say.html
Fanatics is in discussions to acquire sports betting company Tipico, sources say. Michael Rubin, Fanatics' executive chairman, announced Wednesday he's selling his minority stake in the Philadelphia 76ers and New Jersey Devils. A deal between Fanatics and Tipico hasn't yet been reached, and the two sides are currently at an impasse on price.

Fanatics, the sports merchandising company, is in talks to acquire sports betting company Tipico. Tipico has a small U.S. sports gambling business, with licenses in New Jersey and Colorado. A deal hasn't yet been reached, and the two sides are currently at an impasse on price.

Fanatics has completed several acquisitions in recent years as a closely held company. In 2020, it acquired sports merchandise manufacturer WinCraft, and earlier this year it bought trading card company Topps for $500 million. Fanatics has a private valuation of $27 billion. National Basketball Association rules prohibit team owners from operating a gambling platform.

Ruben Rubin is selling his stake in the Philadelphia 76ers. He has a trading cards and collectibles business and a sports betting operation. Rubin hasn't been shy about his desire to enter the sports gambling industry. "We can be the No. 1 player in the world in that business in 10 years," Rubin said earlier this year.
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