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Posting date: 4 April 2024 at 03:22h
The last update was on 04/04/2024 03:22h.
Despite increased competition from other states, Nevada remains one of the US meccas of sports wagering, but two of the industry’s largest operators — DraftKings (NASDAQ: DKNG) and FanDuel — still don’t offer their services in the state.
It is unclear when this will happen, but FanDuel executives and the parent company are working on it. Flutter Entertainment, Inc. (NYSE:FLUT) The Nevada Gaming Control Board met on Wednesday to discuss the issue. Noting that the Silver State could only be reached by the largest online sportsbook after an acquisition.
Paul Edgecliffe Johnson told NGCB Members that FanDuel would like to expand into any state including Nevada that is “commercially viable” for them. FanDuel cannot enter Nevada without an acquisition due to Nevada’s unique complexities. He added that “we are constantly reviewing everything.”
Nevada, for example, requires that bettors who want to open an online sports betting account enter a casino in person and complete paperwork. The majority of states which offer mobile sports wagering do not have this cumbersome rule. This is not the case. FanDuel or DraftKings? Operate land-based casinos
FanDuel’s Nevada presence is small
FanDuel is only present in Nevada in a very small number of offices. The company provides odds and branding to Boyd Gaming (NYSE:BYD) Fremont Hotel and Casino, located in Downtown Las Vegas. That’s all for now.
Boyd has a 5% stake in FanDuel, and it is speculated that the company will be revamping FanDuel. Suncoast Hotel & Casino In suburban Las Vegas it might use a relationship similar to FanDuel when opening its sportsbook, but that would not result in FanDuel providing mobile betting in Nevada. Padraig O’Riordain, Flutter’s Padraig, reiterated to NGCB the importance of the acquisition component.
O’Riordain explained that the Nevada market is a very competitive one. “We have a highly developed trading and risk management system from a global sports perspective,” he said. We can’t do it without acquiring and obtaining different licenses here. We need to figure out a way to resolve this issue. The issue is under consideration.”
Executives from FanDuel Flutter have not provided any additional information on potential acquisition plans for Nevada.
Nevada Missing Out
Nevada does not impose a state-level income tax. Some analysts believe that Nevada is losing out on vital revenue because it continues to require in-person registration. It keeps large operators, such as FanDuel & DraftKings, out of Nevada. According to some estimates, these two operators in the US control close to 80% of online sports betting.
A Nevada registration is required for newcomers such as ESPN Bet or Fanatics..
In the near future, ESPN Bet is likely to be the only one of those four that could have its Nevada license changed. This is because Penn Entertainment’s (NASDAQ: PENN), owner runs it. M Resort Spa Casino Henderson. However, Penn Recently ESPN Bet Nevada’s status will not change any time soon.
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