Downtown Las Vegas receives 26 million tourists yearly, thanks to Fremont Street. With immediate access to 8 downtown hotels and casinos, it spans 5 square blocks and is a tourist destination in the Nevadan city of Las Vegas. The Fremont street shows provide a distinctive experience because the venue’s exterior lighting is turned off to let the display on Fremont Street Experience take center stage.
Due to one 2015 provision that forbade daily fantasy sports companies in Nevada, the Fremont St. Casino in Las Vegas casinos have enjoyed a monopoly on most betting sites.
In the same year, FanDuel, DraftKings (DKNG) – Got report, and every other daily fantasy sports company operating in the state received a notification from the Nevada Gaming Control Board.
The Nevada Gaming Board stated that because DFS is a chance game instead of a game of talent, it is regarded as wagering under state law. All companies that want to do business within the state and any other betting operations in the state must be licensed to operate.
According to rumors, DraftKings and FanDuel had to wait until 2021 to obtain a gaming license. There has been minimal motion in the application procedure.
The NGCB doesn’t expect DraftKings licensing requests to be heeded at its bi-monthly conferences in May. The Nevada Gaming Control Board does not expect to have it on the action plan in May, and it will be heard later, but only after the inquiry is made and sorted.
However, DFS firms are preparing to continue operating in the state as soon as possible. This week, both DraftKings and FanDuelmade major progress in establishing a presence in Sin City. The Fremont Hotel Casino located in downtown Las Vegas may be renamed the FanDuel Sportsbook.
Nonetheless, this rebranding is dependent on government oversight. FanDuel plans to file a licensing regulation plea at either of the meetings on 10th August or 25th August.
Boyd generates around 30M dollars annually from its collaboration with FanDuel, which continues to operate Boyd’s both offline and online sports betting processes even outside Nevada. By the end of this month, DraftKings hopes to have paid $1.56 billion for Golden Nugget Online Gaming.
DraftKings is also subject to regulatory scrutiny. Because Golden Nugget Online Gaming and DraftKings are not licensed in Nevada, there are no gaming regulations.
On Friday, DraftKings’ stock rose to the double digits just after the business brought up its income and Earnings before interest and tax projections for the entire year.
DraftKings’ annual income is now expected to range between $2.08B and $2.18B, up from $2.05B to $2.17B.
Consumer engagement is still high, and they perceive no noticeable impact from macroeconomic pressure and expectations.