FanDuel officials suggested that the sports-betting and fantasy-sports operator may expand its presence in Nevada beyond its current limited role. However, doing so would necessitate an acquisition within the state.
FanDuel currently prioritizes odds-making and branding at the Fremont Hotel & Casino, a Boyd Gaming operation located in downtown Las Vegas. On Wednesday, executives indicated during a Nevada Gaming Control Board meeting that they seek a licensing review. FanDuel is licensed in Nevada to provide useful information services. It was formerly done for Boyd Gaming, which owns a 5% investment in the company.
The statements revealed more insight regarding FanDuel’s future in Nevada, following a presentation by FanDuel CFO David Jennings before the Board during Super Bowl week.
On the other hand, Paul Edgecliffe-Johnson, the chief financial officer for Flutter Entertainment, FanDuel’s parent business, indicated that FanDuel intends to make its territory profitable in every state, including Nevada.
Edgecliffe-Johnson confirms that the connection between FanDuel and Boyd Gaming at Fremont is becoming more stable. It has also partnered with Boyd in other states to expand its company.
According to the latest betting news, The Board suggested that Conor Lynch, the chief information officer in charge of Flutter’s technology section, and Edgecliffe-Johnson be licensed. It further suggested Padraig O’Riordain, who also provided input on the prospects in Nevada, be appointed as a director and chair of the compliance committee.
Nevada prohibits remote registration, which FanDuel has introduced in other jurisdictions, so a company that wants to run a sportsbook there must have a physical location. George Assad, a board member, stated that Nevada is regarded as the Gold Standard and that it is one of the biggest marketplaces for expanding and encouraging online sports betting within the state.
In an interview, managing partner of B Global and casino consultant Brendan Bussmann stated that FanDuel faces the same issue that prevents DraftKings and Fanatics from opening locations in Las Vegas. Bussman also noted that several Nevadans watched the Super Bowl in February and the Formula One race in November. These individuals are not swayed by futures betting when they visit, as it is hard for them to make money by attending in person. According to Bussman, the registration procedure is complicated because these groups must have a presence on the Strip for it to be beneficial.
According to Bussman, in an increasingly digital age, the current system privileges physical stores. The two biggest participants, FanDuel and DraftKings, do not participate here despite having a headquarters in Las Vegas. Although DraftKings, FanDuel, and Fanatics have the potential, Nevada offers a limited selection of online sportsbooks and gaming options due to the way it is set up. Therefore, modernization is crucial, and if we don’t do it, we’re losing money.
