FanDuel Exec at Nevada Licensing Hearing, Offers Few Clues on Operator’s Potential Entry
In a recent licensing hearing before the Nevada Gaming Control Board (NGCB), FanDuel Chief Financial Officer (CFO) David Jennings did not provide much insight into his employer’s potential plans in the state.
Jennings, who has been with the online sportsbook operator since 2022, received approval for licensing by the NGCB. During the hearing, Commissioner George Assad questioned Jennings about the possibility of the company entering Nevada. Jennings replied, “Nothing that we’ve announced at this time.”
Based in New York, Jennings represents FanDuel’s US headquarters. His licensing approval in Nevada now moves on to the Nevada Gaming Commission (NGC). FanDuel is 95% owned by Ireland-based Flutter Entertainment (NYSE: FLUT), with the remaining 5% held by Las Vegas-based Boyd Gaming (NYSE: BYD).
Currently, Flutter/FanDuel has minimal exposure in Nevada. The operator provides odds and branding for the Boyd-operated downtown Fremont Hotel Casino sportsbook but does not accept bets anywhere in the state.
FanDuel and archrival DraftKings (NASDAQ: DKNG) are believed to have long desired a presence in Nevada, a state where daily fantasy sports (DFS) and iGaming are prohibited. Nevada regulations require sportsbook operators to have direct ties to a land-based casino operating in the state.
On the other hand, DraftKings may meet this requirement through its acquisition of Golden Nugget Online Gaming (GNOG) in 2021, which could potentially allow it to operate through the Golden Nugget in downtown Las Vegas.
Speculation among analysts suggests that FanDuel might have an easier entry into Nevada if Boyd were to decide to allow the company to run and rebrand the Boyd Sports mobile application.
FanDuel currently has no established offices in Nevada, and it remains unclear when the company’s status in the state will change. In contrast, DraftKings recently opened an office in Southwest Las Vegas, directly across the street from the Durango casino, and was named one of the most entrepreneurial companies in Las Vegas by BuiltIn.
As both FanDuel and DraftKings continue to navigate the regulatory landscape in Nevada, their entry into the state could mark a significant milestone for the sports betting industry.