DraftKings & Flutter stocks drop 6% on regulation concerns
Stocks of DraftKings and Flutter Entertainment fell by over six percent.This drop was brought on by concerns that US sports betting companies, such as DraftKings and...
FanDuel’s acquisition requirements in Nevada
Why do top sports betting firms hesitate to enter Nevada’s market?
Although sports betting is popular in Nevada, major firms like DraftKings and FanDuel haven’t yet expanded there. It may be necessary for FanDuel’s parent company, Flutter Entertainment, to acquire a business in order to join the Nevada market.
In Nevada, a customer must visit a physical casino and complete the necessary documentation in order to place an online wager. There are most other states without such a law. DraftKings and FanDuel are unable to provide online gambling in Nevada since they are not casino owners.
FanDuel is exclusive to one downtown Las Vegas casino. They might eventually collaborate with another casino, but it wouldn’t accept bets made online. Although Flutter Entertainment claims to be considering solutions, they haven’t yet disclosed their ideas.
Given that large corporations like FanDuel and DraftKings dominate the majority of the US market for online sports betting, Nevada may be losing money by enforcing this rule. This regulation also prevents other businesses from operating in Nevada, such as Fanatics and ESPN Bet. Only ESPN Bet, whose owner operates a casino in Nevada, has the potential to alter this, but they haven’t indicated that they will do so anytime soon.
US betting companies unite: ROGA for responsible gaming
Together, the top seven sports betting companies in the US form the Responsible Online Gaming Association (ROGA).Cooperation in addressing issues associated with...
