FanDuel and DraftKings exit Nevada’s strict sports betting market
In a significant shift in Nevada's sports betting landscape, Flutter Entertainment's FanDuel has decided to surrender its Nevada licenses, while rival DraftKings has withdrawn its pursuit of permits in the state. This move comes amidst Nevada's opposition to sports prediction markets and its strict regulations regarding sports event contracts.
Nevada's Gaming Control Board has accepted both FanDuel's license surrender and DraftKings' withdrawal requests. The state has been vocal in its opposition to sports prediction markets, warning operators against using sports event contracts. Both FanDuel and DraftKings had been focusing on prediction markets instead of traditional sports betting in Nevada.
The Nevada Resort Association has been keeping a close eye on the activities of these two operators, particularly regarding the potential offering of sports event contracts in the state. Currently, Nevada does not permit such prediction market contracts, as seen in the action taken against platforms like Kalshi. FanDuel's presence in Nevada has been limited to providing branding and odds at Boyd Gaming's Fremont Hotel Casino, while DraftKings' presence is primarily an office in the Southwest area of Las Vegas.
With FanDuel's surrender of licenses and DraftKings' withdrawal from Nevada, the state's top mobile sportsbooks may face less competition. The operators' online-only models made them ill fits for Nevada's in-person registration requirement for mobile sports betting accounts. Nevada's strict regulations and opposition to certain betting models have led to this significant change in the state's sports betting scene.
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