FanDuel Contemplates Acquisition for Nevada Expansion

Currently, FanDuel and DraftKings are at the helm of sports betting across the US. The two hold a significant share of the betting market and are undoubtedly leaders when it comes to sports betting in many states.

Despite their solid presence across the country, neither DraftKings nor FanDuel has a presence in Nevada, the home of Las Vegas, the gambling capital of the world. The absence of the two leading betting and gaming companies from Nevada is because of the state’s specific rules about sports betting providers.

Currently, Nevada permits mobile and retail sports betting. However, the existing regulations require betting operators that want to offer online services to have a presence via a land-based location. This otherwise means that if DraftKings or FanDuel want to enter The Silver State, they would need to acquire a land-based asset.

Now, a new report suggests that FanDuel may be exploring such possibilities in an effort to expand in one of the most lucrative betting markets. The announcement came after a Wednesday meeting of the Nevada Gaming Control Board where a number of executives were recommended for licensing.

The NGCB recommended Paul Edgecliffe-Johnson, Flutter Entertainment’s CFO, together with the company’s chief information officer, Conor Lynch, for licensing, as announced by CDC Gaming Reports. In addition, Padraig O’Riordain, Flutter’s director and chair of the company’s compliance committee, was also recommended for licensing by the NGCB.

An Acquisition for Nevada Entry Is an Option

More importantly, Edgecliffe-Johnson spoke about the opportunity for FanDuel to expand to Nevada. He revealed that the betting and iGaming company’s parent, Flutter, is currently exploring different options for expansion and the list includes Nevada. Additionally, Edgecliffe-Johnson said that FanDuel may expand to any state that makes “good commercial sense.”

Flutter’s CFO spoke about FanDuel’s current presence in Nevada. The leading betting and gaming company, which currently holds an information services license, supplies odds to Boyd Gaming for its Fremont Hotel & Casino in downtown Las Vegas. In addition to Nevada, FanDuel has active partnerships with Boyd in other US jurisdictions. In conclusion, Edgecliffe-Johnson said in conclusion that Flutter continues to monitor the whole situation.

“We keep everything under constant review.“

Paul Edgecliffe-Johnson, CFO at Flutter Entertainment

O’Riordain also addressed the potential for FanDuel’s expansion in Nevada. He said that the challenge in the state is that the operator holds a different license and needs to acquire assets in order to enter the betting market. Finally, O’Riordain said that such options are being considered as Flutter is seeking a way to address the challenges related to this expansion.