{
  "id": 18152508,
  "title": "Michael Rubin wants Fanatics to be No. 1 in betting. Tuesday’s results in Nebraska and Congress made that climb steeper",
  "url": "https://urgent.news/2026/11/04/michael-rubin-wants-fanatics-to-be-no-1-in-betting-tuesdays-results",
  "topic": "world",
  "section": "World",
  "published": "2026-11-04T16:46:43.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/11/04/michael-rubin-fanatics-sports-betting-midterms/"
  },
  "original_language": "en",
  "account": "Michael Rubin, the CEO of Fanatics, believes his company should be the top player in the betting industry. While Fanatics currently holds a distant third place in sports betting, Rubin wants to change that. The company is planning to increase its marketing spend significantly, possibly up to $1 billion by 2027, in order to close the gap with its competitors. Fanatics is currently holding around 10% of the U.S. sports betting market, compared to FanDuel and DraftKings' 75% to 80% share.\n\nRubin's ambition is fueled by the recent midterm elections. Two initiatives that would have legalized online sports betting in Nebraska failed, with 54.5% voting against Initiative 441. Fanatics had supported this initiative along with other major sportsbooks, BetMGM, DraftKings, and FanDuel. However, FanDuel and DraftKings contributed the majority of the nearly $22 million campaign. According to Covers, mobile betting in Nebraska may not launch before 2029.\n\nThe political landscape favors Democrats, who are expected to gain control of both the Senate and the House. This development is significant for Fanatics as some lawmakers are raising concerns about election-related event contracts. For instance, Sen. Elizabeth Warren and Republican Sen. John Curtis have expressed their worries about these contracts.\n\nFanatics has already made a significant impact in the sports betting industry. Three years after launching its sportsbook, the company has reached a 10% share of the U.S. sports betting market. Rubin's strategy to climb up the ladder involves increasing loyalty among its 45 million members in the company's loyalty program. He also acknowledges that the next couple of years will be challenging, as both sportsbooks and prediction markets compete for the same customers.",
  "summary": "Fanatics backed Nebraska's failed mobile betting push, and a projected Democratic Congress has prediction markets, Rubin's newest bet, in its sights.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}