FanDuel – FairOdds Network

August 9, 2024

State of the Union: Nebraska slow down, Penn eyes Alberta, FanDuel sued

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.
Legal digital wagering stalled in Nebraska
Nebraska lawmakers don’t seem ready to introduce digital sports betting, although the state’s traditionally anti-gambling governor is now supportive. Gambling proceeds are earmarked for property tax relief, which is a priority for lawmakers.

Legal digital sports betting is stalled in Nebraska. The state legislature has been in special session since 25 July. The General Affairs Committee held a hearing on the subject last week. But since then, lawmakers appear divided.

One source said that Governor Jim Pillen, traditionally anti-gaming, now supports an expansion. Pillen previously said that he plans to introduce legislation in January. He appears open to any gambling expansion to increase state tax revenue. Friday is day 10 of the special session, which does not have ..

August 9, 2024

FanDuel took $78.5m in handle during its three-month run as DC’s sole digital platform

FanDuel finished out its short-lived run as the sole city-wide digital sports betting provider with $23.2m in handle for June and nearly $10m for two weeks in July. The DC Lottery released the revenue reports for the operator this week.
FanDuel earlier this year took over digital sports betting for the lottery, which previously used the much-maligned GamBetDC app provided by contractor Intralot. More than four years after launching GamBetDC, the lottery announced in March that it had subcontracted with FanDuel to take over online wagering. FanDuel went live in April.

Between then and now, the DC Council approved a more competitive market and the lottery allowed Intralot’s sports betting contract to expire on 15 July. Because Intralot was no longer providing digital sports betting services to the lottery, FanDuel temporarily shuttered before relaunching through a partnership with Audi Field days later.

DC sports betting revenue is currently reported by two agencies. The DC Lottery ..

August 1, 2024

Ohio: FanDuel passes DraftKings to retake the lead in June

Flutter Entertainment’s FanDuel retook the lead in the Ohio online sports betting market in June, a month in which statewide revenue and handle fell to a calendar-year low.
Players in Ohio spent a total of $529.8m (£413.6m/€490.7m) across online and retail during June. This is 46.4% ahead of last year but 13.4% behind May and lower than any month so far in 2024.

Online betting accounted for $516.1m of all bets in June, with retail contributing $13.7m.

Players won $473.6m while $5m worth of wagers were voided. This left $51.2m in gross gaming revenue, up 57.1% from last year but 24% less than May’s total.

Of all gross gaming revenue in June, $50.5m came from online betting and $724,376 retail sportsbooks.

June’s results mean for the year-to-date, gross gaming revenue in Ohio stands at $435.6m. This includes $428.5m from the online market and $7.1m the retail sector.

FanDuel leads the Ohio pack in June
Looking at individual operators, FanDuel recovered from its second-placed finish ..

July 17, 2024

BetMGM, Caesars go live in Washington, DC after short delay

BetMGM and Caesars Sportsbook went live across Washington, DC on Wednesday (17 July). Previously both operators could only offer their platforms in exclusion zones.

The launch is two days later than both operators planned. But they had to await the FY2025 budget being in force.

The budget includes provisions that open the market from a monopoly to a competitive landscape. DC Mayor Muriel Bowser did not sign or veto the budget. Her deadline to do so was 25 July. Instead, she sent it back to the DC Council. The move allows BetMGM and Caesars to begin offering their platforms throughout the city.

Bowser’s press secretary told Sports Handle that Bowser’s non-action “will still permit” the expansion. By sending it back, Bowser was demonstrating that she had “objections to several elements of the budget”. Given the contentious history of sports betting in DC, the expansion could be one of those objections.

Neverthelesss, BetMGM and Caesars Sportsbook announced on Wednesday that they had..

July 16, 2024

Online wagering in US capitol on hold until mayor signs budget; platforms were ready to go Monday

Two sports betting platforms were ready to begin offering their products throughout Washington, DC on Monday (15 July). But Mayor Muriel Bowser still hasn't signed the budget bill that would allow BetMGM and Caesars Sportsbook to go live.

Bowser has until 25 July to sign the budget. If she does not sign or veto it by then, it will automatically go into effect.

BetMGM and Caesars sportsbooks indicated on Monday that they are waiting for the mayor’s signature, but are unsure when it will come. BetMGM cancelled a planned celebration at Nationals Park, a company representative said. As of Monday night, FanDuel, partnered with the DC Lottery, remained the only platform available to those betting in DC.

But according to the Washington Examiner, FanDuel’s platform was unavailable Tuesday (16 May). For now, Washington, DC sports bettors can only place bets in person. FanDuel said in a statement to the Washington Post that it would re-launch once the budget was approved.

On 25 June th..

July 12, 2024

State of the Union: DC’s new open market, bye-bye SaharaBets, FanDuel fine

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.

On Monday in DC, bettors will have more options

After four years of being limited to offering their digital platforms within a two-block radius in Washington DC, on Monday BetMGM and Caesars Sportsbook plan to take off the geofence. Last month, the DC Council passed a new budget that allows for a competitive wagering marketplace. Because BetMGM and Caesars have been live with digital platforms with limited reach for several years, they’ll be the first to join lottery partner FanDuel in offering citywide access.

Under the new law, commercial operators can apply to offer their platforms in the District. FanDuel, which took over the lottery’s offering in April, will continue to be available. But the company, which subcontracted with lottery provider Intralot to offer its platform, will shift to being tethered ..

July 8, 2024

Handle and hold dip in North Carolina’s third full month of sports betting

In its fourth month of operation, North Carolina recorded $398m in mobile betting handle, the lowest amount since its launch in March.

According to the report released on Monday (8 July) by the North Carolina State Lottery Commission, revenue dipped almost 26% in the Tar Heel state between May and June. Such a dip isn’t unusual, as the US moves into a slower summer sports calendar. New York experienced a similar shift with amount wagered on mobile dropping 34% in June against May.

Bets made via promotions in North Carolina came in at $16.5m, while gross gaming revenue (GGR) hit $40.3m. Operators cannot deduct promotional play in North Carolina.

Operators maintained a 10% hold, which was 2% lower than in May. GGR is taxed at 18%.

Player winnings paid out in June totalled $354.7m, according to the report. Operators cancelled $3.2m in bets, or almost 1% of the state’s overall handle.

Since its launch, North Carolina has taken $2.2bn in handle and $275m in GGR.

Its biggest month s..

July 8, 2024

Weekend Report: Labour win’s impact on gambling, FanDuel thriving in NY

Welcome to the Weekend Report, where iGB updates you with the stories you may have missed over the last few days.

New Labour government brings gambling uncertainty

Thursday’s (4 July) UK general election brought with it a significant shift in power as Labour claimed a huge majority. This ended a 14-year reign by the Conservatives and led to a major overhaul of key parliamentary personnel.

Lisa Nandy MP, who has taken over as the new secretary of state for culture, media and sport, will be charged with overseeing Britain’s gambling industry. On the World Series of Politics podcast prior to the election this week, Regulus Partners’ Dan Waugh outlined how a Labour government could impact the gambling industry.

“In terms of whether it has a major bearing on the gambling market, it’s unclear,” Waugh said. “From an industry perspective, it looks reasonably comforting. Labour is making some fairly positive noises about this.

“I’m not sure it’s that straightforward and the reason I say th..

July 5, 2024

Report: Flutter may join Boyd in bid for Penn Interactive assets, including ESPN Bet

As activist investors are pushing Penn Entertainment to divest its digital gaming arm, The Deal is reporting Flutter and Boyd Gaming may partner on an agreement. Boyd has a 5% ownership stake in Flutter, and partners with Flutter's FanDuel in the US for retail and digital sports betting.

Penn stock was up 4.22% at midday on Friday on receiving the news, while Flutter stock was essentially flat after a morning uptick. Boyd Gaming stock was also relatively flat after an early rise reacting to the news.

“Adding Flutter into the equation with Boyd of a potential Penn acquisition makes it more than interesting,” gaming consultant Brendan Bussmann told iGB. “It’s a back door into the ESPN brand for online, but would also give a brick-and-mortar presence to Flutter.”

On Friday (5 July) Seeking Alpha wrote “Flutter (FLUT) may want to partner with Boyd Gaming (BYD) as the owner of FanDuel is interested in Penn’s interactive assets, according to a report from TheDeal.com on Friday, whi..

June 25, 2024

DC Council creates open, competitive wagering marketplace

On Tuesday (25 June) the DC Council gave final approval to its FY2025 budget that includes a provision to open the digital sports betting market. Currently, FanDuel is the sole platform available citywide but, under the new budget, that will change.

The new budget required an emergency act to avoid having to send the budget to congress for approval. The DC Council passed the Budget Support Act via voice vote. The budget is set to go into effect on 15 July.

The new budget will allow for commercial operators to enter the market. BetMGM (Nationals Park) and Caesars Sportsbook (Capital One Arena) should quickly be able to expand their current digital offerings. Through existing partnerships, the operators have brick-and-mortar sportsbooks and offer digital betting within an exclusion zone. Under the new plan, they will be able to offer their platforms across the District.

FanDuel in April launched its platform in partnership with the DC Lottery. The company currently has a monopoly. ..

June 18, 2024

FanDuel: We’ll exit lottery contract if DC Council approves open marketplace

FanDuel would opt for a lower tax rate and walk away from its lottery contract in Washington, DC if the DC Council approves an open marketplace. President Christian Genetski wrote a letter earlier this month to DC Council chairman Phil Mendelson explaining his company's stance.

The DC Office of Lottery and Gaming (OLG) in March revealed that Intralot, the company that ran the GamBetDC platform, planned to take down the platform and subcontract with FanDuel. The news came as a surprise to the DC Council at that time. But bettors welcomed the change.

GamBetDC was fraught with usability errors and other issues from its May 2020 launch. In four years as the only mobile platform available throughout the city, GamBetDC underperformed. In that time, the District netted $4.3m in tax revenue from it.

OLG operators are taxed at 40%. In an open market, under the proposed amended law, operators would be taxed at 20%. FanDuel paid the city $1.9m in tax revenue in its first 30 days of ope..

April 15, 2024

FanDuel likely has two-year head start on competition in Washington, DC

Buried in the minutiae of a 10 April budget meeting, Washington DC's Office of Lottery and Gaming (OLG) revealed that it is preparing to ask the DC City Council to approve a two-year extension to its deal with lottery and sports betting operator Intralot.

To recap, the OLG in March alerted the DC Council that it would be unwinding its chronically underperforming sports betting platform, GambetDC. The platform is run by lottery vendor Intralot.

Under its existing contract, the agreement will expire on 14 July. In March, OLG approved Intralot’s request to subcontract online sports betting to FanDuel.

Now the agency will request a two-year extension for the soon-to-expire deal. If approved, the deal could mean that FanDuel would have a two-year head start on digital sports betting in the District.

That two years, lottery chief Frank Suarez told the DC Council’s Committee on Business and Economic Development, would allow it enough time to issue an RFP (request for proposal). This ..

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Tag: FanDuel