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Simon Deloit December 14, 2019 3 min read
Cordish and FanDuel Partner for US Betting Opportunities
Cordish Companies has become the official casino partner for FanDuel Sportsbook in a bid to secure share of the sports betting revenue in future regulated markets, such as Maryland. Cordish and FanDuel are also expanding their footprint in Pennsylvania by focusing on Philadelphia.
FbanDuel Sportsbook Teams Finds a Casino Partner
FanDuel has signed a flagship partnership with Stadium District Casino to bring more sports betting opportunities to Philadelphia residents. Furthermore, FanDuel has a partnership with Cordish Companies responsible for the Live! brand in Maryland ahead of anticipated sports legalization move.
In the meantime, Cordish is in the process of developing the Live! Casino and Hotel in Philadelphia, a $700 million investment in the future world-class gaming, hotel, dining, and entertainment resort sprawling on 1.5 million sq ft. The property is expected to offer 2,200 slots and electronic table games and over 200 hotel rooms.
Other than the Live! Casino and Hotel, FanDuel will set-up shop in Live! Casino in Westmoreland County. The WestmorelandCounty property is estimated at $150 million.
Consolidating Presence in Philadelphia
With FanDuel’s expertise in sports betting and Cordish established footprint, the pair are a perfect match. Cordish Live! Properties draw over 55 million visitors every year, the company explained in a press release.
Meanwhile, FanDuel has estimated 8.5 million customers across 45 states. By looking for a way in Philadelphia, FanDuel will have access to popular sports franchise and a potential customer base eager to follow and bet on sports.
Philadelphia is home to the Philadelphia Eagles, 76ers, Flyers and Phillies. FanDuel CEO Matt King affirmed the company’s determination to seek synergies and beneficial partnerships:
“This partnership allows us to capitalize on the incredible success of sports betting to date and bring FanDuel’s top sports betting operations to Cordish destinations across the United States.”
King also praised Cordish for its established footprint and expertise in gaming and entertainment.
FanDuel and Cordish to Expand Across the U.S.
More importantly, FanDuel Sportsbook and Cordish are determined to keep expanding across the United States. For starters, the companies will seek to introduce the sportsbook offer across all Live! Entertainment Districts in the country.
Maryland, Washington D.C. is the latest priority outlined by the pair. Yet, they intend to start setting up operations all across the country in a bid to capture revenue from the quickly developing sports betting market.
FanDuel is definitely well-positioned to boost Live! in Pennsylvania. In October, the FanDuel sportsbook handled almost half of all sports bets placed in the Keystone State out of a total of $241.2 million.
Cordish Companies Principal Joseph Weinberg expressed his satisfaction with the addition of FanDuel. Weinberg commended FanDuel for its expertise in the sports betting segment.
While both the Cordish Companies and FanDuel are focusing on Maryland, sports betting in the state seems to be an arrested development. Maryland Delegate Eric Ebersole said that MD attorney general Brian Frosh has been unable to offer any resolution in the matter.
While Maryland’s future is uncertain, Michigan has become the 19th state to legalize sports betting this week.