FanDuel to Cash In on US Sports Betting
Daily fantasy sports and betting provider FanDuel has announced its plans to expand into the potentially lucrative US sports betting market, should the US Supreme Court elect to overturn the 1992 Professional and Amateur Sports Protection Act (or PASPA Act).
Nevada, the home of Las Vegas, is presently the only American state in which punters can enjoy legal wagering on local and international sports. The out-dated PASPA law has barred all other states in North America from offering licensed and regulated betting services, but a massive push from several regions could see sports betting soon being legalised across the nation.
New Jersey has been at the forefront of the efforts to overturn PASPA and legalise local betting. Should the Supreme Court choose to rule in the state’s favour, the sports betting market in the USA could be opened up to more willing states in a matter of mere months.
CEO Speaks About His Plans
CEO of daily fantasy sports company FanDuel, Matt King, noted in a statement to Forbes that should New Jersey’s efforts prove successful, his company would aim to launch its own sports betting offerings to take advantage of a market that could be worth billions. Rival DFS experts DraftKings have also begun to prepare their own sports betting services for US punters by seeking partnerships with casinos in New Jersey.
According to King’s statement, if the Supreme Court should overturn PASPA, this would automatically mean that his company would enter the sports betting market. He said that the DFS business focuses on fan engagement and bringing fans closer to what they enjoy, noting that sports betting is clearly a great way to reach many more punters in the US.
DFS Operators Perfectly Positioned
King also added that the move into the realm of sports betting would be a very logical one for his firm. He shared that FanDuel has a few ideas of how to improve its user experience in terms of betting, and how to create an experience that they feel will resonate the most with their customers.
According to the CEO’s statement to Forbes, King also believes that his company is ideally positioned to fulfil the sports betting market demand. With a well-established betting offering that already focuses on the world of sports, King may be right – although DraftKings is close on FanDuel’s heels, so it will be interesting to see which of the DFS experts will be able to claim the bigger share of the potential market over the coming years.