Fanatics in talks to buy BetParx 

Finance News

Fanatics is in talks to acquire sports gambling platform BetParx, according to someone familiar with the negotiations, in a move that could bolster the company’s mobile betting operation.

Michael Rubin’s company signed a letter of intent on Friday morning, according to the person, who was granted anonymity because the details are private. The letter, often a precursor to an actual agreement, does not mean that a deal has been reached, or that one will definitely happen. It does, however, clear the way for more serious conversations about deal structure, pricing, timing and possibly some negotiating exclusivity.

Fanatics has spent the past 12 months exploring possible acquisitions to accelerate the launch of its mobile sportsbook. The company has spoken in some capacity with more than a dozen betting companies, both in the U.S. and abroad, according to people familiar with those talks.